NEW YORK (TheStreet) - It's been about a week since Liberty Media (LMCA) unveiled its $3.68 a share takeover offer for a remaining stake in SiriusXM Holdings (SIRI), in an all-stock transaction that would give the combined company a $27 billion market cap at week-ago share prices.

SiriusXM shares are currently trading at $3.80, indicating that investors expect Liberty Media eventually to bump its all-stock offer price. Liberty Media, meanwhile, is trading at about $140 a share, 3% lower than when the offer was first announced, making the all-stock transaction even less amenable to SiriusXM's minority shareholders.

There are many steps left in this deal, including a recommendation by SiriusXM's special committee, shareholder votes and, most importantly, added information on Liberty Media's grand plans as it seeks to consolidate the satellite radio giant's earnings and cash flow. It is also important to note that Liberty Media already owns a controlling stake in SiriusXM.

Nevertheless, Carl Icahn's activist efforts in the takeover of Dell show that minority shareholders still deserve representation and a fair M&A process by SiriusXM's special committee. Courts also appear amenable to valuing appraisal rights, a potential lingering piece of the Dell transaction and something that could emerge as an issue in Liberty Media's efforts for SiriusXM.

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Running the Numbers on SiriusXM as Liberty Stalks Cable Giants