Liberty Media Corporation - Series A Liberty SiriusXM (NASDAQ: LSXMA) shares are trading higher by around 5% after the company announced it proposed a business combination with Sirius XM Holdings Inc (NASDAQ: SIRI).
Liberty proposed to SIRI's Special Committee of the Board of Directors to combine and form a new consolidated public company.
As per the terms, Liberty plans to separate LSXM through a redemptive split-off of a newly formed subsidiary of Liberty (SplitCo).
The holders of each LSXM shares series will get several shares of a single series of SplitCo. This will be based on each underlying share of SIRI stock held by SplitCo that is being exchanged for 1.05 ...