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Sirius Off Slightly at Open

Sirius XM (NASDAQ:SIRI) shares lost some steam in the opening minutes of Wednesday morning’s session. A day earlier, Liberty Media proposed combining the Sirius XM tracking stock with the radio company. A special committee composed of board members of Sirius XM is currently considering the proposal.

The potential transaction would consist of the separation of the assets and liabilities attributed to the Liberty SiriusXM tracking stock group from Liberty Media through the split-off of a newly formed company and the subsequent combination of Newco and SiriusXM, as a result of which the holders of Liberty SiriusXM tracking stock and SiriusXM common stock would all hold one class of common stock of the combined company.

The Special Committee, together with its advisors, Solomon Partners Securities, LLC and Debevoise & Plimpton LLP, is evaluating the Proposal.

There can be no assurance that the Proposal, or any other transaction, will be completed or, if so, as to the terms and conditions of any such transaction. The Company does not intend to disclose developments with respect to this matter until such time as the Special Committee and the Company's board of directors approves a transaction or the Special Committee otherwise deems further disclosure appropriate, except as required by law or other regulatory requirements.

Nothing in this communication shall constitute a solicitation to buy or an offer to sell shares of SiriusXM's common stock. The Company cautions stockholders and others considering trading in its securities that the Special Committee has only received the Proposal from Liberty Media and no decisions have been made by the Special Committee with respect to a response to the Proposal.

“Sirius XM stockholders,” read Tuesday’s news release, “need not take any action at this time.”

SIRI lost 3.5 cents in the early going to $3.84.