3-14-14
Liberty Media said it was no longer making an offer to buy all of Sirius XM shares and announced plans to split its media holding company into two tracking stocks later this year. Liberty owns 53% of Sirius XM. Tracking stocks provide exposure to the operating performance of a unit of a larger company. One tracking stock will be called Liberty Broadband Group and another called Liberty Media Group (which will include Sirius XM).
The new plan calls for current shareholders to receive one share of Liberty Media tracking stock and four shares of Liberty broadband for each share of Liberty Series A and Series B common stock they hold. Liberty wanted to absorb SiriusXM for $3.68 per share. Some shareholders thought that offer was too low. On Thursday, shares of SiriusXM fell 1 percent to $3.37.
