NEW YORK, Jan. 6, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading securities and shareholder rights law firm that represents shareholders throughout the nation, announces that it is investigating the proposed acquisition of Sirius XM Holdings, Inc. (SIRI) by Liberty Media Corp. Liberty, which owns a majority stake in Sirius XM, announced that it would offer to buy out the minority shareholders in Sirius XM. Liberty said each share of Sirius XM common stock would be converted into 0.0760 of a new share of Liberty's Series C common stock, the equivalent of $3.68 a share. That offer is just barely above Sirius XM's closing price of $3.57 on Friday, January 3, 2014, and below the $4.16 per share price the stock traded at last year and well below the $5.80 per share price that analysts projected that Sirius XM stock is worth.
The investigation concerns whether the board of directors of Sirius XM, which is controlled by Liberty, will engage in a full and fair process and uphold their fiduciary duties to insure that shareholders of Sirius XM obtain the maximum value for their shares.
If you own Sirius XM common stock and wish to obtain additional information about the potential acquisition of Sirius XM and how it may affect your rights as a shareholder, at no cost or expense, please contact us at:
Tripp Levy PLLC
New York, New York
Toll Free: 1-877-772-3975
Tripp Levy PLLC has extensive experience in mergers and takeovers and has assisted in the recovery of hundreds of millions of dollars for shareholders. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC