INTEREST IN PANDORA
Internet radio shake-up in the air
Pandora Media's coy silence on renewed interest from Sirius XM may signal the internet radio provider likes the offer
New York/Los Angeles — Sirius XM Holdings chairman Greg Maffei recently approached Pandora Media’s board to express renewed interest in a takeover of the internet radio provider, according to people familiar with the matter, following up on its offer from earlier in 2016. Sirius’s latest approach did not include a price for Pandora, said one of the people, who asked not to be named because the discussions are private. Sirius offered about $15 per share to acquire Pandora earlier in 2016, the person said. Pandora had not yet responded to the Sirius approach, the person said. Still, Pandora’s advisers had begun reaching out to other potential suitors, another person said. Pandora shares rose on Friday after a CNBC report that the company was willing to engage with Sirius. They closed 16% higher at $13.33, valuing the company at about $3.1bn. Sirius fell 5.6% to $4.30, giving it a market value of $20.8bn. Representatives for Pandora and for Maffei declined to comment. A Sirius spokesma...
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