Pandora Stockholders Approve Acquisition by Sirius XM
29 Janvier 2019 - 11:39PM
Dow Jones News
By Stephen Nakrosis
Pandora Media, Inc. (P) on Tuesday said shareholders approved
the acquisition of the company by Sirius XM Holdings, Inc.
(SIRI).
A special meeting of Pandora shareholders saw about 75% of
outstanding voting power favor the acquisition, with 97% of votes
cast backing the move.
The transaction is expected to close soon, the companies
said.
Under the terms of the deal, each share of Pandora stock will be
converted into 1.44 newly issued shares of Sirius XM common stock.
The $3 billion all-stock deal would create an audio-entertainment
company with a market value of around $30 billion, rivaling
music-streaming market leader Spotify Technology SA.
At the close of the transaction, Pandora chief executive Roger
Lynch will leave the company. Jim Meyer, the chief executive of
Sirius XM, will lead the combined company.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
January 29, 2019 17:24 ET (22:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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