Liberty Media (LMCA) Charges Ahead With Efforts to Gain Control of Sirius XM Radio (SIRI)
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Liberty Media (Nasdaq: LMCA) continues it efforts to gain control of Sirius XM Radio Inc. (Nasdaq: SIRI).
In a 13D fling Thursday, Liberty Media disclosed that after its applications with the FCC for consent to transfer of de facto control was dismissed on May 4, 2012 it filed with the FCC a Petition for Reconsideration of the Dismissal on May 30, 2012.
In the Petition for Reconsideration of the Dismissal, Liberty Media indicates, among other things, that it intends to assert control over the Sirius upon receiving FCC approval. In addition, Liberty Media describes in the Petition the means by which it intends to assert such control.
Specifically, the Liberty Media intends to:
Liberty Media also plans continues to purchasing shares of Sirius XM Common Stock in the open market. They said they may purchase sufficient additional shares of Common Stock that would enable it to replace the entire Board of Directors by unilateral action.
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In a 13D fling Thursday, Liberty Media disclosed that after its applications with the FCC for consent to transfer of de facto control was dismissed on May 4, 2012 it filed with the FCC a Petition for Reconsideration of the Dismissal on May 30, 2012.
In the Petition for Reconsideration of the Dismissal, Liberty Media indicates, among other things, that it intends to assert control over the Sirius upon receiving FCC approval. In addition, Liberty Media describes in the Petition the means by which it intends to assert such control.
Specifically, the Liberty Media intends to:
- convert almost one-half of the shares of B-1 Preferred Stock, which, together with the shares of Common Stock owned or acquired by the Reporting Person, will constitute more than 32% of the total outstanding shares of Common Stock;
- as soon as practicable, nominate for election persons to serve on the Issuer's Board of Directors such that, if elected, persons nominated by the Reporting Person will constitute a majority of such Board of Directors;
- vote all of the Reporting Person's shares of Common Stock in favor of such nominees; and
- solicit proxies from other shareholders of the Issuer in support of the election of such nominees.
Liberty Media also plans continues to purchasing shares of Sirius XM Common Stock in the open market. They said they may purchase sufficient additional shares of Common Stock that would enable it to replace the entire Board of Directors by unilateral action.
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