Energy News / Shareholders Foundation, Inc.

NYSE: P Investor Notice: Lawsuit Filed in Effort to Halt the Takeover of Pandora Media, Inc.

Via: ReleaseWire

Updated 11:45 AM CST, Mon, November 12,2018

A lawsuit was filed for investors in shares of Pandora Media, Inc. (NYSE: P) in connection with the proposed takeover and NYSE: P stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 11/12/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Pandora Media, Inc. (NYSE: P), filed a lawsuit against the takeover of Pandora Media, Inc. by Sirius XM Holdings Inc.

Investors who purchased shares of Pandora Media, Inc. (NYSE: P) and currently hold any of those YSE: P shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: P stockholders by agreeing to sell Pandora Media, Inc. cheaply via an unfair process.

On September 24, 2018, Sirius XM Holdings Inc. (NASDAQ: SIRI) and Pandora Media, Inc. (NYSE: P) announced an agreement under which SiriusXM will acquire Pandora in an all-stock transaction valued at approximately $3.5 billion. Pursuant to the agreement, the owners of the outstanding shares in Pandora that SiriusXM does not currently own will receive a fixed exchange ratio of 1.44 newly issued SiriusXM shares for each share of Pandora they hold. Based on the 30-day volume-weighted average price of $7.04 per share of SiriusXM common stock, the implied price of Pandora common stock is $10.14 per share,

However, plaintiff claims that the proposed consideration NYSE: P shareholders will receive is grossly inadequate and undervalues Pandora Media, Inc. Indeed, at least one analyst has set the high target price for NYSE: P shares at $13.00 per share. Pandora Media, Inc. reported that its annual Total Revenue rose from over $138 billion in 2016 to over $1.46 billion in 2017. In addition, the plaintiff alleges that the process is also unfair NYSE: P stockholders. The plaintiff alleges that the merger agreement contains preclusive deal protection devices, such as a $105 million termination fee provision and a no solicitation provision, that deter other bidders from making a superior offer for Pandora Media and ensure a takeover by Sirius XM Holdings Inc.

Those who are current investors in Pandora Media, Inc. (NYSE: P) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

For more information on this press release visit:
http://www.sbwire.com/press-releases/nyse-p-investor-notice-lawsuit-filed-in-effort-to-halt-the-takeover-of-pandora-media-inc-1083407.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com