Notable Mergers and Acquisitions of the Day 7/29 (SIRI/XMSR, TCK/FDG, BBOX)
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- Notable Mergers and Acquisitions of the Day 7/29 (SIRI/XMSR, TCK/FDG, BBOX)
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StreetInsider.com Notable Mergers and Acquisitions of the Day:
- This morning, SIRIUS Satellite Radio (Nasdaq: SIRI) and XM Satellite Radio (Nasdaq: XMSR) announced that they have completed their merger.
The new company plans to change its corporate name to SIRIUS XM Radio Inc. The combined company's stock will continue to be traded on the Nasdaq Global Select Market under the symbol "SIRI."
XM shareholders will receive 4.6 shares of SIRIUS common stock for each share of XM.
The new company has over 18.5 million subscribers, making it the second-largest radio company in the country. It is also the second largest subscription media business in the U.S.
- Teck Cominco Limited (NYSE: TCK) entered into an agreement with Fording Canadian Coal Trust (NYSE: FDG) under which Teck will acquire 100% of Fording's assets, which consist principally of a royalty in respect of Fording's 60% non-operating interest in the Elk Valley Coal Partnership.
Under the terms of the transaction, Fording unitholders will receive US$82.00 in cash and 0.245 of a Teck Class B subordinate voting share per Fording unit. Based on the 20 day volume weighted average price of Teck Class B shares on the New York Stock Exchange, the proceeds to Fording unitholders represent a 18% premium to the 20 day volume weighted average price of Fording units on the NYSE, in each case for the period ending July 25.
- Black Box Corporation (NASDAQ: BBOX) announced the acquisition of Mutual Telecom Services Inc., a privately-held company based out of Needham, MA. MTS is a global telecommunications services and solutions provider primarily servicing clients in the Department of Defense and other federal agencies. Annual historical revenues of MTS are approximately $46 million.
This transaction is being accounted for as a purchase. The purchase price has not been disclosed.
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