From the New York Times:
The nation’s two largest satellite radio services, XM and Sirius, said today that they would merge.[...]
Under the terms of the deal, XM shareholders would receive 4.6 shares of Sirius stock for each share of XM they own. XM stock closed on Friday at $13.98 a share; Sirius closed at $3.70 a share. At those prices, XM shareholders would be receiving a 22 percent premium for their shares. Both stocks edged higher on Friday as speculation about a deal circulated.[...]
Mel Karmazin, the chief executive of Sirius, who has been a proponent of a merger, would become chief executive of the new enterprise, while Gary Parsons, currently chairman of XM, would become the chairman of the combined company.
If you want to read a bit of reaction to this, might I suggest popping over to XMFan or Sirius Backstage.
I’m not the only listener uncomfortable with the idea of a merger.