Chancery Keeps Alive Suit Over $3.5B Pandora-Sirius Tie-Up

Law360 (February 23, 2021, 9:30 PM EST) -- A stockholder challenge to Pandora Media Inc.'s $3.5 billion acquisition by Sirius XM Radio in 2019 moved forward in Delaware's Chancery Court on Tuesday after a ruling that in part found arguments that a deal proxy contained material falsehoods or deficiencies were reasonably conceivable.

Chancellor Andre G. Bouchard's decision on dismissal motions by Sirius and Pandora directors kept alive class claims that Sirius aided and abetted breaches of fiduciary duty by Pandora's board in the runup to the closing, and that Sirius was unjustly enriched at the expense of the class.

Some, but not all, allegations in a count alleging breaches...

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