Largest Shareholder In Pandora Urges Company To Sell
May 17, 2016 at 3:58 AM (PT)
CORVEX MANAGEMENT has acquired more shares of PANDORA -- now totaling 9.9%, -- and urged the company to explore a sale. CORVEX now owns about 22.7 million shares in the company, making it the largest shareholder.
CNBC reports, "CORVEX is run by KEITH MEISTER, a protégé of billionaire activist investor CARL ICAHN, and said in the letter to PANDORA's board that it had been meeting with the company's management in recent months. It had withdrawn a plan to replace members of its board, but said it now believes PANDORA should hire an investment bank to help the company explore its strategic options including a sale."
"We have become increasingly concerned that the company may be pursuing a costly and uncertain business plan...," CORVEX said. "It remains our firm belief that the company should immediately explore the potential value to shareholders that could be realized in a sale transaction."