Liberty Media and Sirius XM have announced the final exchange ratio for the split-off transactions, with Liberty Media redeeming each outstanding share of series A, B, and C Liberty SiriusXM common stock in exchange for 0.8375 of a share of common stock of New Sirius, with cash paid in lieu of any fractional shares. Following the split-off, a wholly owned subsidiary of New Sirius will merge with Sirius XM, and Sirius XM stockholders (other than New Sirius and its subsidiaries) will receive one-tenth of a share of New Sirius common stock, with cash paid in lieu of any fractional shares.
The split-off and the merger will create a new public company which will continue to operate under the Sirius XM name and brand. It is expected that New Sirius will have approximately 339.1 million shares of new common stock outstanding immediately following the consummation of the split-off and merger, with former holders of Liberty SiriusXM common stock expected to own approximately 81% of New Sirius and former Sirius XM minority stockholders expected to own the remaining 19% of New Sirius. Today the company's shares have moved -0.7% to a price of $23.26. Check out the company's full 8-K submission here.
