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With its stock trading at less than 13 cents, you might think the debt-crippled Sirius XM Radio Inc. (NASDAQ: SIRI) would accept any takeover bid that would mean it could avoid bankruptcy.

Apparently, you'd be wrong. The Wall Street Journal reports (subscription required) that satellite mogul Charles Ergen made an unsolicited takeover bid late last year, but was rebuffed by the company and its board of directors. Ergen had reportedly proposed that one of his companies -- either Echostar Corp. (NASDAQ: SATS) or Dish Network Corp. (NASADAQ: DISH) -- provide the company with enough cash for it to avoid a bankruptcy filing.

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Sirius XM (SIRI) received and rejected a takeover bid originally appeared on BloggingStocks on Mon, 09 Feb 2009 08:33:00 EST. Please see our terms for use of feeds.

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