This excerpt taken from the SIRI 8-K filed Jan 18, 2005.
Item 3.03 Material Modifications to Rights of Securityholders
On January 15, 2005, the rights issued under our Rights Agreement, dated as of October 22, 1997, as amended, with The Bank of New York, as rights agent, expired. The rights permitted stockholders to acquire common stock from us at prices substantially below market value under certain change-in-control scenarios.
Our board of directors has elected not to renew the rights and has determined that such action was in the best interests of our stockholders. We have no current plans to renew the rights or adopt a similar plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: January 18, 2005