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SiriusXM and Pandora have announced acquisition plans before the stock market opens. SiriusXM is offering to acquire Pandora for $3.5 billion in stock, or $10.14 per share. Pandora would continue to exist as an independent service.
For Pandora shareholders, this offer represents a 13.8 percent premium over the volume-weighted average share price of the past 30 days. Both the Pandora board and the SiriusXM board have approved the plan.
Transaction - Part - Deal - Pandora - Go-shop
But the transaction isn’t going to happen right away. As part of the deal, Pandora negotiated a "go-shop" provision, which means that Pandora’s board can still evaluate other offers. The acquisition is expected to close in the first quarter of 2019.
The announcement says that SiriusXM plans to leverage both services to cross-promote the other service. For instance, you could see references to SiriusXM shows while listening to Pandora. And SiriusXM hosts could suggest downloading the Pandora mobile app.
Company - Subscription - Packages
The company also plans to create subscription packages...
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