Liberty Media Drops $650M To Grab 45% Stake In Sirius XM

Law360, New York (May 8, 2012, 3:58 PM EDT) -- Colorado-based Liberty Media Corp. has reached an agreement giving it the option to boost its stake in satellite giant Sirius XM Radio Inc. to more than 45 percent for $650 million, a week after its attempt at a de facto hostile takeover was rejected, Liberty Media said Monday.

In a statement announcing its financial information for the first quarter of 2012, the company said it had reached a forward purchase agreement with Sirius XM that gives Liberty Media the option of acquiring 302 million shares of...
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