Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of Pandora Media, Inc. (“Pandora”) (NYSE: P) concerning the sale to Sirius XM Holdings Inc. (SIRI). Under the terms of the agreement, Pandora shareholders will only receive 1.44 Sirius shares for each share owned. Based on the closing price of Sirius stock before the deal was announced, the consideration is valued at approximately $10.14 per share, which is virtually no premium over the 52-week high and lower than at least one analyst’s estimated value of $13.00 per share.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at email@example.com or by calling (888) 809-2750. There is no cost or fee to you.
The investigation centers on whether Pandora’s Board of Directors is acting in the shareholders’ best interests, whether the board considered alternatives to the acquisition, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance believes the true inherent value of the stock could be as high as $13.00.
The Briscoe Law Firm, PLLC is a full-service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.