Sirius And XM Delay Annual Meetings
The Sirius and XM meetings were scheduled for May 20th and May 23rd respectively.
The U.S. Department of Justice informed SIRIUS and XM that it ended its investigation into the pending merger, that it has concluded that the merger is not anti-competitive, and that it will allow the transaction to proceed. SIRIUS and XM each obtained stockholder approval for the pending merger in November 2007. The pending merger is still subject, among other conditions, to approval of the Federal Communications Commission.
Position – Long Sirius, Long XM
This means at least another month of a declining stock and FCC approval with absurd concessions that will probably table a merger for another 8-12 months. I’m looking for an alternate stock pick so I can bail out of this mess. Not Slacker Tyler! Your sentiment is certainly changing as well.