Sirius Investor Sues To Stop Liberty's 'Creeping Takeover'

Law360, Wilmington (August 22, 2012, 8:10 PM EDT) -- A Sirius XM Radio Inc. investor on Tuesday launched a putative class action against shareholder Liberty Media Corp. and five Liberty-appointed directors, accusing them of conducting a "creeping takeover" of the satellite radio company without paying a fair price.

According to the complaint, filed in Delaware Chancery Court, Liberty Media plans to gain majority control by purchasing outstanding shares on the open market while its five appointees — including John Malone, Liberty's controlling shareholder — prevent Sirius from adopting protective measures against the takeover by enforcing...
To view the full article, register now.