Bullet Point – 7% Holders Playing Hardball
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.
Spencer, I could be wrong but the extension appears to be a SEC requirement thru midnight. I don’t see that the extension was necessary because there is an absence of tenders.