TORONTO – Satellite radio provider Sirius XM Canada Holdings Inc. has confirmed that it is in talks that could lead to the company going private.
Responding to a Globe and Mail report (subscription required) that valued the company at approximately $750 million, Sirius XM Canada confirmed Friday that it has been approached on a preliminary basis regarding a “potential corporate transaction”.
“The Company has not received a binding proposal and is in early stage discussions as to the viability of such potential transaction”, reads the statement. “There can be no assurances that a definitive transaction will result from any such proposal. The Company does not intend to comment further upon any potential corporate transaction unless and until it deems further disclosure is appropriate, or required by law.”
U.S.-based Sirius XM Holdings owns about 32% of Sirius XM Canada Holdings, Canadian Broadcasting Corp holds about 12.5% per cent, while Slaight Communications Inc. and businessman John Bitove are its other major shareholders. Thomson Reuters data said that more than 37% of Sirius XM Canada Holdings’ outstanding shares are held by the public.
