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Sirius and XM shares drop as merger nears


July 28, 2008 Sirius and XM, finally set to merge, watched their respective shares plummet Monday, probably Wall Street's reaction to the hoops through which they are jumping to get their finances in order. Sirius said Monday that it was offering $375 million in stock tied to a $550 million debt placement from XM, designed to refinance XM's big debt load. The drop in the share prices Monday come on the first day of trading since the FCC's official pronouncement that it would allow Sirius to merge with XM, which should have been a bullish event.

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