Liberty Ramps Up Sirius Takeover Bid With Stock Conversion

Law360, New York (May 31, 2012, 4:06 PM EDT) -- Colorado-based Liberty Media Corp. stepped up its hostile takeover bid for Sirius XM Radio Inc. on Thursday, announcing a plan to enhance its voting rights in the satellite radio giant and renew its bid for a de facto takeover.

Liberty, which owns more than 46 percent of the target company, intends to convert nearly half of its B-1 preferred stock to common shares, allowing the media and entertainment investor to vote for some of the eight common-stock seats on Sirius' 13-member board of directors, the Englewood,...
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