TORONTO – SiriusXM Canada says that it “strongly disagrees” with complaints made by certain shareholders over its plan to take the company private.
The satellite radio service provider issued a statement late Tuesday saying that the complaint, filed earlier this week with the Ontario Securities Commission, “is completely without merit and does not accurately reflect the circumstances underlying the transaction”.
It added that its independent directors have determined that the recapitalization is in the best interest of the company and is fair from a financial point of view to the minority shareholders. The company also said that it plans to “present its position to staff of the Ontario Securities Commission shortly and place the allegations raised by the Dissidents in their proper context.”
Sirius XM Canada announced in May that it had agreed to recapitalize the company by way of a go-private transaction.
