NEW YORK, Sept. 24, 2018 /PRNewswire/ --Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the potential sale of Pandora Media Inc. (NYSE: P) ("Pandora" or the "Company") on behalf of its shareholders. Pandora announced that it has entered into a definitive agreement to be acquired by Sirius XM Holdings Inc. in an all-stock deal valued at approximately $3.5 billion. Sirius currently owns 15% of Pandora's stock. Sirius will issue 1.44 newly issued Sirius XM shares for each share of Pandora stock (leaving an implied price of only $10.14 of Pandora common stock at the time of the announcement. Since then, the implied stock price has fallen).
Our investigation has determined that the offer price unfairly under-values the true going forward inherent value of Pandora and that shareholders may not be receiving the maximum value for their shares. The investigation further seeks to determine whether Pandora's senior management is entering into this deal for their own self-interests to the detriment of the Company's shareholders.
If you are a shareholder of Pandora and would like additional information as to how the proposed acquisition may affect your rights as a shareholder, and how you may be eligible to obtain a higher price for your shares at no cost, please contact us at:
Tripp Levy PLLC represents individual and institutional shareholders in mergers and acquisitions transactions and has assisted in the recovery of billions of dollars for shareholders in securities actions around the globe.
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SOURCE Tripp Levy PLLC