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

Sector
Consumer Cyclicals
Size
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 
arrangement 
    * 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:  urn:newsml:reuters.com:*:nCNWTr8vwa 
Further company coverage:  XSR.TO  
 
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