Toronto Stock Exchange Symbol: XSR
TORONTO, Feb. 23 /CNW/ - Canadian Satellite Radio Holdings Inc. (CSR),
the parent company of XM Canada(TSX: XSR), is pleased by today's
announcement from the Competition Bureau that it does not intend to
make an application to the Competition Tribunal to challenge the
proposed acquisition of Sirius Canada Inc. (Sirius Canada) by Canadian
Satellite Radio Holdings Inc. (CSHRI) under the merger provisions of
the Competition Act.
"Coming on the heels of last week's CSR shareholder approval, today's
announcement is another exciting step forward in the process towards
the proposed merger. We look forward to the next step at the March CRTC
hearing," said John Bitove, Executive Chairman of CSR. "We are pleased
that the competition bureau recognizes that the combined company will
create a stronger Canadian media company that not only provides a
platform for future innovation within the audio entertainment industry
but will offer a better opportunity for artists to reach new
The consummation of the merger remains subject to the satisfaction of,
or compliance with, certain conditions, including receiving all
necessary regulatory approvals (together with CRTC approval) and the
successful refinancing of the Company's indebtedness. There can be no
assurance that the Company or Sirius will be able to satisfy or comply
with these or other customary closing conditions. Details of the
Combination Transaction are contained in the Company's information
circular (the "Circular") dated January 12, 2011, which is available on SEDAR at www.sedar.com.
At the CSR annual general meeting held in Toronto on February 17th, shareholders unanimously approved the merger of XM Canada and Sirius
Canada recognizing that a merger of equals will enhance the long-term
success of satellite radio in Canada.
The transaction is currently expected to close during the third quarter
of the Company's 2011 fiscal year.
About Canadian Satellite Radio Holdings Inc.
To find out more about Canadian Satellite Radio Holdings Inc. (TSX:
XSR), visit www.xmradio.ca.
About SIRIUS Canada Inc.
To find out more about SIRIUS visit www.sirius.ca
Certain statements included above may be forward-looking in nature. Such
statements can be identified by the use of forward-looking terminology
such as "expects," "may," "will," "should," "intend," "plan," or
"anticipates" or the negative thereof or comparable terminology, or by
discussions of strategy. Forward-looking statements include estimates,
plans, expectations, opinions, forecasts, projections, targets,
guidance or other statements that are not statements of fact. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. The Company's
forward-looking statements are expressly qualified in their entirety by
this cautionary statement. Forward-looking information is provided as
of the date of this news release only, it should not be relied upon as
of any other date, and the Company assumes no obligation to update or
revise this information to reflect new events or circumstances, except
as expressly required by law. There can be no assurance that the
securities purchase agreement will receive all necessary approvals or
that the proposed transaction will be completed. Additional
information, including a thorough discussion of the risk factors that
can cause anticipated outcomes to differ from actual outcomes, will be
contained in the Company's filings with the Canadian securities
regulators, available at www.sedar.com.
This press release does not constitute an offer to purchase or sell any
securities or a solicitation of consents. Any offer to purchase or sell
securities or solicitation of consents will be made by means of an
offer to purchase or sell and consent solicitation statement and
related letter of transmittal. No offer, solicitation, purchase or sale
will be made in any jurisdiction in which such an offer, solicitation,
purchase or sale would be unlawful.
SOURCE XM Canada
For further information:
INVESTOR RELATIONS CONTACT: