NY Post: Pandora Has Been For Sale With No Buyers
May 19, 2016 at 3:57 AM (PT)
On TUESDAY (NET NEWS 5/17), ALL ACCESS reported CORVEX MANAGEMENT had acquired more shares of PANDORA -- now totaling 9.9%, -- and was urging the company to explore a sale. CORVEX now owns about 22.7 million shares in the company, making it the largest shareholder.
Now, THE NEW YORK POST writes a high-ranking media banker told the paper, "PANDORA has been for sale, and there are no buyers.”
The report says hedge fund mogul KEITH MEISTER, who runs CORVEX, claims he, "cannot even force the company to once again seek a buyer. That is because PANDORA, at least according to MEISTER, tricked him into withdrawing from a proxy fight."
MEISTER was reportedly surprised when PANDORA replaced CEO BRIAN MCANDREWS, whom CORVEX liked, with PANDORA Co-Founder TIM WESTERGREN. "MEISTER said he had not been informed about the upcoming move when he withdrew from the proxy contest, and said in the letter he did not believe the timing of the CEO change was a coincidence."