Sirius Satellite Radio (NASDAQ: SIRI) and XM Satellite Radio (NASDAQ: XMSR) hav extended their merger agreement to May 1, 2008. As a reminder, Jim Cramer recently called out all the congressmen that he felt were unfairly holding this merger up.
Originally, the companies could walk away from the deal after March 1, 2008. After all, this has been "a pending merger" for more than a year now. These two companies are still waiting for regulatory approval from the Department of Justice and the Federal Communications Commission.
Sirius was down $0.07 to $2.85 and XM was down $0.45 to $11.65 on last look in mid-day trading. Neither company saw much movement from earnings because the real issue revolves around the merger being approved or denied at this point.
Jon C. Ogg
February 29, 2008