Sirius XM Canada Holdings Inc logo

XSR - Sirius XM Canada Holdings Inc News Story

C$4.49 -0.0  -0.2%

Last Trade - 26/05/17

Consumer Cyclicals
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £202.4m
Position in Universe th / 2707

BRIEF-SiriusXM Canada to go private

Fri 13th May, 2016 11:00am
May 13 (Reuters) - Sirius Xm Canada Holdings Inc  XSR.TO  : 
    * Consideration of c$4.50 per share for an aggregate amount 
of C$351 million 
    * Siriusxm canada to maximize value for shareholders through 
a recapitalization go-private transaction 
    * Entered into a definitive agreement to recapitalize 
company by way of a go-private transaction 
    * Will suspend declaration and payment of dividends on 
siriusxm canada shares for up to two fiscal quarters 
    * Has also terminated its normal course issuer bid as 
announced on february 1, 2016 
    * Transaction to be completed by way of a plan of 
arrangement through which class a shareholders can elect to 
receive c$4.50 in cash 
    * Has agreed to a standstill agreement with siriusxm canada 
with respect to issues raised in its demand notice 
    * Standstill agreement is terminable upon seven days' 
written notice by either party 
    * Shareholders can also elect to receive 0.898 shares of 
siri, 0.898 shares exchangeable into siri shares; or a 
combination thereof 
    * No more than 35.0 million shares of siriusxm and 
exchangeable shares in aggregate will be issued 
    * Special independent committee of co's board unanimously 
recommended that siriusxm canada shareholders approve 
    * Will enter into agreement pursuant to which co will 
continue to license co's  existing satellite systems to provide 
audio service in canada 
    * Siriusxm canada's outstanding senior unsecured notes due 
april 23, 2021 will be treated in accordance with their terms 
    * Board,Special committee received financial advice from 
National Bank Financial markets and ernst & young llp 
Source text for Eikon:*:nCNWTr8vwa 
Further company coverage:  XSR.TO  
 (Bengaluru Newsroom: +1-646-223-8780)
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.