Just follow TM4G Analytics:
1) Malone offers to buy SIRI for $3.68.
2) The purpose of this offer is to leverage financing for Time Warner Cable.
3) SIRI stock jumps immediately way over $3.68.
4) Malone realizes the offer will not pass.
5) This jeopardizes his chances of obtaining TWC.
6) Malone preemptively makes offer to buy TWC even before SIRI offer is voted on.
7) Malone is running out of time.
8) If SIRI offer is rejected by minority stock holders who needs to approve $3.68 buy out then his offer for TWC will be in jeopardy.
9) Malone made a mistake by offering to buy TWC. TWC will not respond before SIRI buyout offer is finalized.
10) Malone put himself in the corner and there is no other way out other than to offer higher price for SIRI.
11) SIRI is in position now to demand however much for each share of the stock.
12) Malone's financial analytics director will be fired.
13) SIRI will be sold for $4 per share minimum.
What Malone have to do now is to offer $4.18 for SIRI buyout and finalize the deal. Then pursue the TWC. Not the other way around. It's a fiasco now. And so obvious. It's going to be a billion dollar lesson for him.