Glass Lewis Recommends Stockholders Vote ’FOR’ XM and SIRIUS Merger Proposal
SIRIUS Satellite Radio (NASDAQ: SIRI) and XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) today announced that Glass, Lewis & Co., one of the nation’s leading independent proxy advisory firms, has recommended that XM and SIRIUS stockholders vote “FOR” the companies’ merger proposals.
According to Glass Lewis’s analysis, “the transaction is fairly priced and will yield substantial cost synergies for shareholders of both companies.” As a result, Glass Lewis believes that the “proposed merger is in the interests of shareholders of both companies.”
XM will hold a special meeting of stockholders on Tuesday, November 13, 2007, at 3:00 p.m. in Washington, DC. SIRIUS will hold a special meeting of stockholders on November 13, 2007, at 9:00 a.m. in New York. The purpose of these meetings is for stockholders to consider and vote on proposals in connection with the pending merger between XM and SIRIUS.
The pending merger, which has been approved by the Boards of Directors of both companies, is subject to regulatory review and approvals, including the Department of Justice and the Federal Communications Commission, and the satisfaction of customary closing conditions. The companies expect that the merger will close in late 2007.
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