Pandora Reportedly Turned Down Offer
The chief executive of Liberty Media Corp., the controlling shareholder of SiriusXM, floated the idea of an offer for Pandora Media earlier this year. The roughly $15 a share balloon would have valued the company at more than $3.4 billion, reported the Wall Street Journal.
However people close to the company characterized the pseudo-offer from Liberty Chief Executive Greg Maffei as more like a “fishing expedition,” sources told the Journal.
Pandora’s board believes the company value is more like $20 a share and the Internet audio company shopped itself to potential buyers like Apple and Amazon earlier this year.
The news came out before Pandora released its latest earnings results after the market close on Thursday. The topic did not come up during the company’s earnings call last night.
Pandora stock climbed 5.26% to $13 on the news, but dropped 35 cents (2.83%) to close at $12 per share.