- The deal has an implied price of $10.14 a share, and includes a "go-shop" provision.
- Watch
Sirius XM agrees to pay $3.5 billion in stock for Pandora to create the world's largest audio-entertainment company (P, SIRI)
Sirius XM Holdings will acquire Pandora for $3.5 billion in all-stock transaction, creating the world's largest audio-entertainment company, the two sides announced Monday.
Sirius XM Holdings will acquire Pandora for $3.5 billion in an all-stock transaction, creating the world's largest audio-entertainment company, the two sides announced Monday.
The deal, which includes a "go-shop" provision that allows Pandora to seek a better offer, will pay current Pandora shareholders 1.44 newly-issued Sirius XM shares for every share they own. The implied price of $10.14 a share is a 13.8% premium to Pandora's 30-day volume-weighted average price.
Alongside the announcement, Sirius XM reiterated its full-year 2018 outlook and Pandora reiterated its third-quarter outlook.
Pandora shares are up more than 9% on the news, trading just below $10. Meanwhile, Sirius XM's stock is down about 2% at $6.84 a share.
Now read:
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng