Mi2N.com - Glass Lewis Recommends Stockholders Vote 'FOR' XM And SIRIUS Merger Proposal

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Radio News (more headlines)

10-31-2007

Glass Lewis Recommends Stockholders Vote 'FOR' XM And SIRIUS Merger Proposal

SIRIUS Satellite Radio and XM Satellite Radio Holdings Inc. announced that Glass, Lewis & Co., one of the nation's leading independent proxy advisory firms, has recommended that XM and SIRIUS stockholders vote "FOR" the companies' merger proposals.

According to Glass Lewis's analysis, "the transaction is fairly priced and
will yield substantial cost synergies for shareholders of both companies."
As a result, Glass Lewis believes that the "proposed merger is in the
interests of shareholders of both companies."

XM will hold a special meeting of stockholders on Tuesday, November 13, 2007,
at 3:00 p.m. in Washington, DC. SIRIUS will hold a special meeting of
stockholders on November 13, 2007, at 9:00 a.m. in New York. The purpose of
these meetings is for stockholders to consider and vote on proposals in
connection with the pending merger between XM and SIRIUS.

The pending merger, which has been approved by the Boards of Directors of
both companies, is subject to regulatory review and approvals, including the
Department of Justice and the Federal Communications Commission, and the
satisfaction of customary closing conditions. The companies expect that the
merger will close in late 2007.

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