Liberty Media wants to take full ownership of Sirius XM in a deal that would value the satellite radio service at nearly $23 billion.
Englewood, Colo.-based Liberty Media Corp., a media holding company, already owns 53 percent of Sirius XM Holdings Inc.'s outstanding shares, according to a regulatory filing Friday.
Liberty is offering to exchange some of its Series C common stock for the rest of Sirius XM's shares.
The swap translates into $3.68 for each Sirius XM share, based on Friday's closing price of Liberty Media's stock. The bid is just 3 percent above Sirius XM's Friday closing price of $3.57 per share.
The offer values New York-based Sirius XM at just under $23 billion, based on company's 6.1 billion outstanding shares as of Oct. 22.
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