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Source: The Wall Street Journal MoneyBeat, January 6, 2014 article

THE WALL STREET JOURNAL   |

 MARKETS & FINANCE



12:23 pm
Jan 6, 2014

Deal-making

Nader Asks Carl Icahn to Rescue Sirius XM From John Malone

 

By Stephen Grocer

― Bloomberg News

 

Politics is known to make strange bedfellows. Seems business can too.

Longtime consumer-advocate Ralph Nader this morning is calling on Carl Icahn to intervene in Liberty Media’s bid to acquire the rest of Sirius XM it doesn’t own.

Liberty Media’s offer would convert Sirius’s common stock into new Liberty Series C nonvoting shares. The proposed exchange ratio would value Sirius common stock at about $3.68 a share, a 3.1% premium based on the closing prices of the companies’ shares on Friday.

Shares of Sirius are up 6% Monday to $3.80, while Liberty Media’s stock is down 2.5% to $141.68.

Mr. Nader called the offer “ludicrous,“ saying that Sirius is a “fast growing company with bright indicators.”

“I am sure that I along with other shareholders in Sirius XM will be interested in a legal challenge to John Malone‘s company for lowballing Sirius XM’s shareholder value,” Mr. Nader said in a release.

He then concludes the release with this line: “Carl Icahn — take notice and interest.”

Mr. Nader told CNBC last month he had reached out to Mr. Icahn to talk about shareholder rights in general.

Last year Mr. Icahn opposed Michael Dell and Silver Lake’s efforts to take Dell private. Mr. Icahn alleged the tech founder was pulling the rug out from under the stockholders with an undervalued offer. Mr. Dell argued that the deal was fair given the continued slide in PC sales and was the best way forward. 

Shareholders eventually voted for the deal, but not until Mr. Dell had sweetened his offer.

- David Benoit contributed to this post.

 

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