Nader has some Sirius issues with Liberty bid

Consumer advocate Ralph Nader said Liberty Media Chairman John Malone’s offerꦗ to buy out the remaining stake🌌 in satellite radio company Sirius XM was “ludicrous” and called for activist investor Carl Icahn to take notice.

Nader, a Sirius shareholder, said on Monday that Liberty’s $3.68-a-share bid was below the $4 wher🌳e the company was tradingꦚ a few weeks ago.

“I am sure that I along with other shareholders in Sirius XM will be interested in a legal challenge to John Malone’s company for lowballing Sirius XM♌’s shareholder value,” the 79-year-old consumer crusader said in a statement. “Carl Icahn — take notice and interest.”

It was not immediately clear how many Sirius s🦋hares Nader owns. Nor was it clear whether Icahn is a share꧅holder of the company.

A spokeswoman for Liberty Media did not imme🀅diately respond to a request for comment.

Liberty Media, 🍸which already owns about half of the satellite-radio company, made an offer Friday valuing the rest at $3.68 a share, or about $10.6 billion.

The stock closed a꧒t $3.83 today in New York, more than 4 percent higher than the bid by Liberty, an investment company c😼ontrolled by billionaire John Malone.

The reaction signals that Liberty ma🐟y face opposition in getting investors to approve the current deal.

Greg Maffei, the company’s chief executive officer, said last week that Liberty plans to tap the cash of Sirius to potentially finance other trꦇansactions, including a possible bid for Time Warner Cable.

Liberty Media is contemplating making a Time Warner Cable deal throuಌgh another of its holdings, Charter Communications.

Sirius’s board is forming a committee of directors to consider ♌🍎Liberty Media’s proposal.