Sirius XM Holdings Inc (SIRI)

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DJ Ralph Nader Calls Liberty Offer for Sirius 'Ludicrous'

By Ben Fox Rubin
Consumer advocate Ralph Nader decried Liberty Media Corp.'s recent proposal to make satellite-radio provider Sirius XM Holdings Inc. a wholly owned subsidiary, claiming the offer was too low.
Mr. Nader called Liberty's offer of $3.68 a share "ludicrous," noting that Sirius shares were trading above $4 just a few weeks ago. Liberty, which unveiled the offer on Friday, is a media-investment company controlled by cable pioneer John Malone.
"I am sure that I along with other shareholders in Sirius XM will be interested in a legal challenge to John Malone's company for lowballing Sirius XM's shareholder value. Carl Icahn--take notice and interest," Mr. Nader said, referring to Mr. Icahn, a longtime activist investor.
Mr. Icahn wasn't immediately available for comment, nor was a Liberty Media representative.
Liberty currently owns about 52% of Sirius. Sirius will form a special committee of independent directors to consider the proposal. Liberty's plan would need to win approval from the special committee and a majority of Sirius's minority public shareholders.
Sirius shares were up 6.6% at $3.81. The stock is down 3.5% in the past three months.
Sirius has sought to expand its offerings beyond its satellite-radio service, recently agreeing to buy the connected-vehicle-services business of Agero Inc. for $530 million.
Write to Ben Fox Rubin at [e-mail]

(END) Dow Jones Newswires
January 06, 2014 11:34 ET (16:34 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.- - 11 34 AM EST 01-06-14