Today is a big day for the merger. No it did not go through. Today marks one year since the merger was announced, and one year with no confirmation of it ever happening!
How exciting is that!
And to top it off Kevin Martin the FCC Chairman was quoted on the merger saying:
Sirius-XM: Traditionally the commission doesn’t act on those
after the Department of Justice –99 out of 100 times the Department of
Justice goes first and the Department of Justice hasn’t acted yet on
that merger. We have some more information we requested at the
beginning of the year from the companies so that we’re trying to
finalize our conclusions but we’re coordinating with Department of
Justice. I don’t have a timeline.
GREAT!!!!! No timeline!!!! The Chairman of the FCC has no timeline for the merger!
So he has no timeline for this merger but every other merger that the FCC is looking over has a timeline but Sirius and XM.
I love this country, I love the FCC………
Technorati Tags: sirius xm merger, fcc, kevin martin, sirius, xm
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Here’s the new merger scenario currently being discussed among analysts. They all IMHO could be very, verys wrong, but just read:
No news will come from either DoJ or FCC before March 1.
Saturday Midnight, March 1 the Merger Agreement between SIRI and XMSR will silently expire; no strings, no ties, no fines. Neither DoJ nor FCC needs to speak up before or after — and they won’t.
Situation open for renegotiation — if they want to. But first Boards will meet and graciously extend the Merger Agreement another month until March 31, along the line of and following Kevin Martins ‘end of 1st Quarter decision’ statement. Meanwhile they discuss and sadly will not reach concensus onhow to move forward — after March 31, 2008.
If renegotiation takes place SIRI, the buyer, will want a different share exchange ratio based on current valuations, which XMSR judges as insufficient and offensive. Parties disagree and propose, after March 31, to have their shareholders meet, propose and agree on say: 1-2-3 payment scenarios for a new Merger Agreement, yes — going through the same DoJ and FCC hoops, but both with c. 100 fully trained-on-the job lawyers, who will rephrase their language to be very effective.
Meanwhile, business as usual: standalone; SIRI the stronger, developing business.
Neither DoJ nor FCC will venture to decide, pending the delicate extension, shareholder meetings and their outcome.
After March 31 the extension expires and — alas, parties go their own way having consulted their shareholders.
The Merger Agreement is void; neither DoJ nor FCC needs to take a stand. Finito.
SIRI, thriving, as well as XMSR is again a standalone company, target for takeover by rich Media or Tech companies, running their respectiev businesses. No Monopoly nor Anti-Competitive situation present.