Sirius, XM merger waiting period extended

By Lisa Kerner

Charlotte, N.C., April 12 - Sirius Satellite Radio Inc. received a "second request" for additional information and documentary material relating to its merger with XM Satellite Radio Holdings from the Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

As a result, the Hart-Scott-Rodino waiting period is extended until 30 days after Sirius and XM have substantially complied with the request, according to a form 8-K filing with the Securities and Exchange Commission.

On Feb. 20, the companies entered into a definitive agreement to combine in a tax-free, all-stock merger of equals valued at an estimated $13 billion, including net debt of about $1.6 billion.

XM shareholders will receive a fixed exchange ratio of 4.6 shares of Sirius common stock for each share of XM they own, according to a company news release.

The companies will operate independently until the transaction is completed, which is expected to occur by the end of the year.

Sirius is a New York-based satellite radio service.

XM is a satellite radio services company located in Washington, D.C.

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