Sirius XM Holdings Inc. (NASDAQ:SIRI) shares are trading higher on Wednesday. The move marks a recovery in the stock’s price following Tuesday’s decline related to Liberty Media announcing it proposed a combination with Sirius.
What To Know: According to the terms of the proposed business combination, outlined in a proposal sent by Liberty Media to the special committee of the board of Sirius XM, Liberty would separate LSXM by means of a redemptive split-off of a newly formed subsidiary, which would own all of LSXM’s assets and liabilities. Sirius XM shareholders would receive one share of the New Sirius XM common stock and 55 cents per share in cash for each share of Sirius XM held at closing.
Shares of Sirius fell Tuesday on news of the proposal, however they gained roughly 4.5% on Wednesday.
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SIRI Price Action: Shares of SIRI were up 5.03% at $4.08 at the time of publication, according to Benzinga Pro.
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