Yesterday SIRI and XMSR had big drops around 3pm when reps John Conyers(D) and Steve Chabot(R) sent a letter to Attorney General Michael Mukasey not to rush approval of the merger. They feared that the assistant Attorney General might sign off on the deal even if there were objections from department staff. It appeared the congressmen, both friends with the NAB, were trying to stall the merger and hopefully get more politicos involved.

According to an AP article today, Stifel, Nicolaus & Co. analyst Blair Levin believes that the merger will be a close call but will get the green light anyway. Either way, the letter will not hold any weight with the Department of Justice, says Levin.

Keep up with the latest merger talks in our Merger Mania forum.

Posted by BenDee on Thursday, December 13th, 2007 at 10:25 am.
Filed in Merger, XM, Stocks, Sirius.
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