The merger is heralded as an event that will offer growth and opportunity for shareholders, provide consumers with accelerated technological innovation and enhanced content with “Best Of” programming opportunities, while enabling satellite radio to better compete in rapidly evolving audio entertainment industry. The official Press Release offers substantial detail on the structure of the deal:
Under the terms of the agreement, Sirius Canada shareholders will be issued treasury shares of CSR representing a 58.0 per cent equity interest in CSR immediately following closing of the transaction. The approximate ownership interest in CSR following closing of the combination transaction will be as follows: CSRI Inc., an entity controlled by John Bitove, the chairman of CSR, 30.0 per cent voting interest (22.7 per cent equity interest); CBC/Radio-Canada 20.2 per cent voting interest (15.0 per cent equity interest); Slaight Communications 20.2 per cent voting interest (15.0 per cent equity interest); Sirius XM Radio Inc. (Sirius XM) (NASDAQ: SIRI) 25.0 per cent voting interest (37.1 per cent equity interest); with the remainder being widely held.
