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After the close today SiriusXM released an SEC filing indicating that $0 of the 7% notes have accepted the tender offer previously announced.  As such SiriusXM has extended the tender offer until March 1, 2013.  The essential take away on this is that the 7% holders are playing hardball.  Should the new extended tender offer not get a warm reception the company may have to sweeten the deal, which would mean more shares offered up.  That means more dilution if that happens.  Stay tuned.