SiriusXM Canada has made a majority vote in favor of receiving solely cash consideration in the pending recapitalization of the company—essentially, approving its efforts to go private. Its parent company announced Thursday that large shareholders Slaight Communications and Canadian Broadcasting Corp. are giving the pact a thumbs-up at an upcoming special shareholders meeting.
Slaight and CBC collectively own 22.5% of SiriusXM Canada’s outstanding shares.
The Canadian company said Thursday that as a result of the cash election, the total transaction consideration that may be paid, with the approval of shareholders, will increase to about 74% from about 50%. This would represent a current value of approximately C$4.83 per Class A Share, based on Wednesday’s closing, if all remaining shareholders elect the maximum SIRI share consideration—approximately 74% in SIRI share consideration and approximately 26% in cash consideration.