SAN DIEGO, Sept. 24, 2018 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of Pandora Media, Inc. (NYSE: P)
("Pandora") breached their fiduciary duties in connection with the
proposed sale of the Company to Sirius XM Holdings Inc.
("Sirius").
On September 24, 2018, Pandora
announced that it had signed a definitive merger agreement with
Sirius. Under the terms of the agreement, Pandora shareholders will
receive a fixed-exchange ratio of 1.44 newly-issued Sirius shares
for each share they hold. The implied price of Pandora common stock
is $10.14 per share.
The investigation concerns whether the Pandora board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Pandora
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
one Wall Street analyst has a $13.00 price target on the
stock. Additionally, Pandora has over $420
million in cash.
If you are a shareholder of Pandora and believe the proposed
buyout price is too low or you're interested in learning more about
the investigation or your legal rights and remedies, please contact
lead analyst Jim Baker
(jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
[Click here to join this action]
View original
content:http://www.prnewswire.com/news-releases/pandora-p-alert-johnson-fistel-investigates-proposed-sale-of-pandora-inc-are-shareholders-getting-a-fair-deal-300717493.html
SOURCE Johnson Fistel, LLP