SAN FRANCISCO – Liberty Media Corp. offered late Friday to buy Sirius XM Holdings Inc. in an all-stock swap that values Sirius at $3.68 a share, a slim 3% premium over Sirius's closing price of $3.57 a share. Liberty proposed the deal as a straightfoward stock swap based on a new C class of shares that would "simplify" the satellite radio company's capital structure. Liberty Media already holds a 52% stake in Sirius. If approved, Liberty Media said the swap would leave Sirius's shareholders with a 39%, non-voting stake in Liberty. Liberty Media A shares closed up 0.6% at $145.33 while its B shares slipped 0.5% to $145.35.
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