May 13 (Reuters) - Sirius Xm Canada Holdings Inc XSR.TO :
* Consideration of c$4.50 per share for an aggregate amount
of C$351 million
* Siriusxm canada to maximize value for shareholders through
a recapitalization go-private transaction
* Entered into a definitive agreement to recapitalize
company by way of a go-private transaction
* Will suspend declaration and payment of dividends on
siriusxm canada shares for up to two fiscal quarters
* Has also terminated its normal course issuer bid as
announced on february 1, 2016
* Transaction to be completed by way of a plan of
arrangement through which class a shareholders can elect to
receive c$4.50 in cash
* Has agreed to a standstill agreement with siriusxm canada
with respect to issues raised in its demand notice
* Standstill agreement is terminable upon seven days'
written notice by either party
* Shareholders can also elect to receive 0.898 shares of
siri, 0.898 shares exchangeable into siri shares; or a
combination thereof
* No more than 35.0 million shares of siriusxm and
exchangeable shares in aggregate will be issued
* Special independent committee of co's board unanimously
recommended that siriusxm canada shareholders approve
arrangement
* Will enter into agreement pursuant to which co will
continue to license co's existing satellite systems to provide
audio service in canada
* Siriusxm canada's outstanding senior unsecured notes due
april 23, 2021 will be treated in accordance with their terms
* Board,Special committee received financial advice from
National Bank Financial markets and ernst & young llp
Source text for Eikon:
Further company coverage: XSR.TO
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