Pandora Investors Want To Rewind $3.5B Sirius Buyout

Law360, Wilmington (August 20, 2019, 7:06 PM EDT) -- Former Pandora Media investors challenged the company's $3.5 billion buyout by Sirius XM Radio in Delaware's Chancery Court on Tuesday, pointing to conflicted acts by the companies that produced an unfair price and an invalid merger.

In his proposed class action, lead stockholder Richard J. Tornetta accused satellite radio company Sirius and nine Pandora directors of "flagrantly" violating an anti-takeover standstill agreement barring the company from acquiring the 84% of online streamer Pandora not already held by Sirius.

The all-stock deal, announced in September 2018 and closed in February, gave investors the equivalent of $8.61 per Pandora share, down from a...

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