BRIEF-SiriusXM Canada to go private

Fri May 13, 2016 6:35am EDT
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May 13 (Reuters) - Sirius Xm Canada Holdings Inc :

* 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   Continued...