XM, Sirius Statement on Merger[1][1]

XM, Sirius Statement on Merger[1][1] - XM, Sirius Statement...

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Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at the bottom of any article or visit www.djreprints.com See a sample reprint in PDF format. Order a reprint of this article now XM, Sirius Statement on Merger TECHNOLOGY FEBRUARY 19, 2007, 3:25 P.M. ET Following is the text of the statement released Monday, February 19 by XM Satellite Radio and Sirius Satellite Radio announcing their merger of equals. PRESS RELEASE: SIRIUS and XM to Combine in $13 Billion Merger of Equals WASHINGTON and NEW YORK, Feb. 19 -- XM Satellite Radio and Sirius Satellite Radio today announced that they have entered into a definitive agreement, under which the companies will be combined in a tax-free, all-stock merger of equals with a combined enterprise value of approximately $13 billion, which includes net debt of approximately $1.6 billion. Under the terms of the agreement, XM shareholders will receive a fixed exchange ratio of 4.6 shares of Sirius common stock for each share of XM they own. XM and Sirius shareholders will each own approximately 50% of the combined company. Mel Karmazin, currently Chief Executive Officer of Sirius, will become Chief Executive Officer of the combined company and Gary Parsons, currently chairman of XM, will become chairman of the combined company. The new company's board of directors will consist of 12 directors, including Messrs. Karmazin and Parsons, four independent members designated by each company, as well as one representative from each of General Motors and American Honda. Hugh Panero, the Chief Executive Officer of XM, will continue in his current role until the anticipated close of the merger. The combined company will benefit from a highly experienced management team from both companies with extensive industry knowledge in radio, media, consumer electronics, OEM engineering and technology. Further management appointments will be announced prior to closing. The companies will continue to operate independently until the transaction is completed and will work together
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This note was uploaded on 10/16/2010 for the course B&E BADM 613 taught by Professor Dawley during the Spring '10 term at WVU.

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XM, Sirius Statement on Merger[1][1] - XM, Sirius Statement...

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