XM Satellite Radio Holdings Inc. reported at the conclusion of its special meeting of stockholders today that its stockholders have voted to approve the previously announced merger with Sirius Satellite Radio Inc. The preliminary tabulation indicates that 99.8 percent of the shares voted were cast in favor of the transaction.
"Today's vote is the latest demonstration of the strong support for our merger from a wide range of individuals and prestigious organizations who recognize the benefits that a merger will bring to consumers," said Gary Parsons, Chairman of the Board, XM Satellite Radio. "We are proud to have received support for our merger from organizations representing African Americans, women, rural Americans and Hispanics, as well as from former FCC Chairmen and Commissioners and a diverse group of elected officials. We appreciate our shareholders' overwhelming support."
Under the terms of the merger agreement with Sirius, XM stockholders will receive 4.6 Sirius shares for each XM share that they hold.
The merger remains subject to regulatory approval by the U.S. Department of Justice and the Federal Communications Commission. We remain optimistic that the merger will be approved by the end of the year.
More information on the XM-SIRIUS merger can be found at http://www.xmmerger.com/.
