MONSEY, N.Y., Sept. 26, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed combination of Sirius XM Holdings, Inc. (Nasdaq: SIRI) (“Sirius”) and the Liberty SiriusXM Group (Nasdaq: LSXMK) (“LSXM”) to form a new consolidated public company.
If you remain a Sirius shareholder and have concerns about the proposed combination, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/sirius-xm/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On September 26, 2023, Liberty Media Corporation (Nasdaq: LSXMA) (“Liberty”) announced that it had approached a special committee (“Special Committee”) of the board of directors of Sirius to propose a combination between Sirius and LSXM to form a new, consolidated public company (“New SiriusXM”).
In the proposed deal, Liberty would separate LSXM by means of a redemptive split-off of a newly formed subsidiary of Liberty (“SplitCo”), which would own all of the assets and liabilities attributed to LSXM.
In the split-off, holders of each series of LSXM stock would receive a number of shares of a single series of stock of SplitCo to be calculated based upon each underlying share of SiriusXM common stock held by SplitCo being exchanged for 1.05 shares of common stock of New SiriusXM. SplitCo would then combine with SiriusXM to form New SiriusXM, with the minority shareholders of Sirius receiving shares in New SiriusXM on a one-for-one basis.
Under the proposed combination, minority shareholders of Sirius would collectively own approximately 16% of New SiriusXM, and the previous holders of LSXM common stock would own the remaining 84%.
Minority shareholders of Sirius would also receive a pro rata cash payment to be calculated based upon the amount of outstanding net debt of LSXM, which will be assumed by New SiriusXM in the proposed deal.
“While the complex terms of the combination have only been proposed at this time, we are investigating whether the proposed combination would be fair to Sirius stockholders, especially in light of the involvement of a Special Committee,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
