Pandora Media Hires Centerview Partners To 'Explore Strategic Options' ... Including Sale
July 26, 2016 at 3:59 AM (PT)
PANDORA MEDIA saw it stock rise after hours, when word got out that activists at CORVEX MANAGEMENT prompted the company to hire CENTERVIEW PARTNERS to explore strategic options, which could lead to a sales process, BLOOMBERG reports.
CORVEX, the hedge fund run by KEITH MEISTER which owns 9.9% stake in PANDORA in MAY, has pressed the company to explore a sale.
Last week, PANDORA's stock rose after rumor got out that LIBERTY MEDIA GROUP, which controls SIRIUSXM, reportedly offered to buy PANDORA for roughly $15 a share, but PANDORA’s board wanted around $20 a share (NET NEWS, 7/21).