SiriusXM Board Facing Lawsuits Over Potential Liberty Takeover

Two Suits Over Liberty Takeover

The Board Of Directors of SIRIUSXM RADIO have been sued by investors who claim the board isn't doing enough to protect the satcaster from a potential takeover by LIBERTY MEDIA. BLOOMBERG reports "SIRIUS shareholders contend in a DELAWARE Chancery Court suit that SIRIUS directors have failed to erect anti-takeover defenses for the U.S.'s largest satellite broadcaster despite efforts by LIBERTY MEDIA Chairman JOHN C. MALONE to gain control of the company. Because LIBERTY owns a 48% stake of SIRIUS, MALONE is on the radio provider's board."

SIRIUS shareholders filed the DELEWARE suit.

Another suit from a FLORIDA pension fund representing the MIAMI POLICE RELIEF AND PENSION FUND is asking the directors be barred from "adopting anti-takeover provisions even if doing so would be in the best interests" of the company,

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