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 email@example.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.
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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.
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