SAN DIEGO, Sept. 24, 2018 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Pandora Media, Inc. (NYSE: P) ("Pandora") breached their fiduciary duties in connection with the proposed sale of the Company to Sirius XM Holdings Inc. ("Sirius").
On September 24, 2018, Pandora announced that it had signed a definitive merger agreement with Sirius. Under the terms of the agreement, Pandora shareholders will receive a fixed-exchange ratio of 1.44 newly-issued Sirius shares for each share they hold. The implied price of Pandora common stock is $10.14 per share.
The investigation concerns whether the Pandora board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Pandora shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given one Wall Street analyst has a $13.00 price target on the stock. Additionally, Pandora has over $420 million in cash.
If you are a shareholder of Pandora and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP