Talk of Rival Bid Boosts XM Stock
XM Satellite Radio stock jumped Thursday amid “chatter” that a competing bid for the company may be in the offing, Reuters reported.
No rival bidder has been named, and analysts cautioned that a separate deal to break up the proposed XM/Sirius merger remains unlikely. But XM stocks nevertheless jumped 5.7 percent Thursday on the Nasdaq.
Announced earlier this year, the XM/Sirius proposed merger is facing an uphill battle for final approval. The FCC’s public comment period for the merger has been underway since early June.