M&A Wrap: Liberty RECONSIDERS Sirius, Shell’s CONFUSION
Enough with the dilly-dallying, says the United Kingdom’s Takeover Panel, in regards to the eternally ongoing Cove Energy saga. Would-be suitors Royal Dutch Shell (NYSE:RDSA) and Thailand’s PTT have been given until Monday to make their final bids, and if none are accepted, an auction will commence on Tuesday. The likelihood that shareholders are not excited over either offer might have something to do with this.
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Were you really a dictator, Mr. Johnson? That is a likely question, perhaps not as blunt, that the former Progress Energy CEO Bill Johnson will have to field next week before the North Carolina Utilities Commission, as it examines his being sacked only hours after the firm’s merger with Duke Energy (NYSE:DUK) CEO Jim Rogers has already testified that Johnson’s autocratic style was a major reason for the move.
Liberty (NASDAQ:LMCA) Chairman John Malone wants his firm’s bailout money back, after saving Sirius (NASDAQ:SIRI) in 2009, which might be why Liberty is trying to increase its control in the satellite radio broadcaster to 50 percent. Malone commented to the Wall Street Journal, that Sirius needs make a stake in developing the “next generation or two of service,” which includes an Internet version, and globalizing.
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