XM, Sirius extend merger deadline
EmptyNEW YORK -- XM Satellite Radio and Sirius Satellite Radio extended by two months a deadline to potentially terminate without penalty their year-old merger agreement.
The original deadline would have expired March 1, but both companies signaled in the days leading up to it their intentions to extend it. U.S. regulators, particularly the FCC and Department of Justice, have yet to decide whether to approve the merger.
The companies said that they are optimistic both agencies will approve the deal shortly. The friendly deal, valued at about $4.6 billion when it was announced, calls for XM shareholders to receive 4.6 Sirius shares for each XM share held.