Originally Posted by
Newman
Ok Roadkill... technicallities.
The "Superior Proposal" window is a timeframe when Sirius CAN NOT solicit for a bid, but if one comes up, then so be it. Yes, Liberty has the right to match the offer.
After that period, Sirius can terminate the agreement for any reason, including a superior proposal.
The reason that Maffei doesn't think a superior offer will come up is because of the fact that they would have to refinance all of the 2009 debt, which comes to around 1 billion including a 301 million dollar payment to Liberty. They do have until May to get the banks to extend their agreements, and then until December to hope someone else comes along or hope that the credit markets improve to where they can pull off a $1 billion loan.