Wednesday, March 26, 2014 12:09:44 PM
8K
“During the fourth quarter, we completed the first $160 million of the $500 million of share repurchases from Liberty Media, bringing our total 2013 share repurchases to 520 million shares for $1.76 billion, leaving over $2.2 billion remaining under our current authorization,” said David Frear, Chief Financial Officer, SiriusXM.
Q4 earnings release
8K
"The Shares will be purchased in three installments, of which $130 million will be repurchased in November 2013, $270 million will be repurchased in January 2014 and $100 million will be repurchased in April 2014."
My understanding is that of the total amount authorized for buybacks, $500M is set aside for Liberty but the remaining amount can be used to purchase shares on the open market.
I could not find anything that said Sirius cannot purchase shares in the open market. Cheaper to buy at current rates than the floor set in the Liberty agreement of $3.64.
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