Liberty Media Sued Over Slow-Mo Sirius Minority Squeeze-Out
By Jeff Montgomery (September 23, 2021, 8:26 PM EDT) -- A Sirius XM Holdings Inc. stockholder sought damages for the company and its shareholders in Delaware's Chancery Court on Thursday in connection with controlling investor Liberty Media Corp.'s alleged ongoing plan for a slow-moving, $16 billion or more squeeze-out of minority shares, at Sirius' expense.
In his complaint, Sirius stockholder Vladimir Fishel argued that Liberty Media has made no secret of the end game in the multi-year push for Sirius stock buybacks, which left Liberty owning a growing percentage of Sirius' equity while leaving minority investors certain to lose all clout and all shares at the end of the process. Both...
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