Sirius ought to have a Richer Offer From Liberty Media
On Monday, Sirius XM shares soared 7 percent to $3.83 as investors seemed to conclude that a buyout offer from Liberty Media is too low and headed higher.
Multiple shareholders on Monday disparaged the offer of $3.68 that Liberty made public on Friday, which included famed consumer activist Ralph Nader, who called the proposal "ludicrous" in a statement issued via press release. Nader also threatened legal action.
Nader said, "Sirius was trading over $4.00 a share just a few weeks ago and is a very fast growing company with bright indicators and registers four stars by Standard & Poor's which recommends a buy." "I am sure that I along with other shareholders in Sirius XM will be interested in a legal challenge to John Malone's company for lowballing Sirius XM's shareholder value."
Liberty, offered last week to convert shares of Sirius into what would be new shares of Liberty Series C nonvoting stock. Liberty already owns a controlling stake in Sirius XM. The deal would make Sirius XM a wholly owned subsidiary of Liberty but the proposed exchange rate values Sirius at only $3.68 a share, which was a 3 percent premium to Friday's closing price but a 4 percent discount to where the stock closed on Monday.
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden