By Demian Russian
Liberty Media Corporation (NASDAQ:LMCA) disclosed with a Form 4 SEC filing yesterday that they had increased their stake in Sirius XM Radio (NASDAQ:SIRI) further via open market purchases made between August 24th and August 28th.
On Friday, August 24th, Liberty bought 5,504,868 shares of SIRI on the open market at prices ranging between $2.50 and $2.53 per share (a weighted average price of?$2.521). Liberty was back at it on Monday, August 27th, snagging 29,064,603 shares at prices between $2.51 and $2,53 (a weighted average price of?$2.526) and on Tuesday, August 28th, grabbing 5,891,332 shares at a price of $2.53 per share.?With these latest open market purchases, Liberty Media has effectively increased its stake in Sirius XM Radio to ~48.8% (depending on varying calculations accounting for employee stock options and convertible debt).
On Friday, August 17th, Liberty Media withdrew their previously amended application with the?Federal Communications Commission (FCC) requesting?consent for ?de facto? control of Sirius XM Radio and simultaneously?replaced that filing with a new FCC application for consent to transfer ?de jure??control. Liberty Media had made it very clear in their Schedule 13D filing with the SEC that the company intended to ?acquire beneficial ownership of additional shares of common stock that, together with its current beneficial ownership, would represent more than 50% of the outstanding shares of common stock? and ?assert control? over Sirius XM Radio upon receiving FCC approval.
These latest open market purchases also comes on the heels Liberty Media announcing on Tuesday, August 14th that they had entered into yet another Forward Purchase Contract with an undisclosed counterparty to acquire?41,087,753 shares of Sirius XM Radio at approximately $2.047 per share and that they had also acquired?89,970,000 additional shares via?open market purchases between August 10th and 14th at prices ranging between $2.38 and $2.53 per share. In addition, Liberty Media also announced on August 17th that they had acquired an additional 4,348,369 shares via open market purchases on August 15th and 16th at prices ranging between $2.51 and $2.53 per share, effectively increasing their stake in Sirius XM Radio to 48.1%. Several interviews with Professor of Law Christopher S. Harrison on these matters can be found in the Playground Radio Archives.
Disclosure: Long SIRI
Contact the author:?DemianRussian@SatelliteRadioPlayground.com
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