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Pandora's stock swings lower, as SiriusXM selloff pulls down value of buyout dea
Pandora's stock swings lower, as SiriusXM selloff pulls down value of buyout deal
Shares of Pandora Media Inc. swung to a loss Monday, erasing earlier sharp gains, as the selloff in SiriusXM Holdings Inc.'s stock after SiriusXM said it agreed to buy Pandora in an all-stock deal pulled down the implied value of Pandora shares. Earlier Monday, Pandora's stock was up as much as 10%, as based on Friday's closing price of SiriusXM shares, the terms of the deal--1.44 SiriusXM shares for each Pandora share--valued Pandora shares at $10.05 each. But with SiriusXM shares tumbling 8.9% in afternoon trade, the deal now values Pandora's stock at $9.16. Pandora's stock has now gained 9.4% over the past three months, while SiriusXM shares have slumped 11% and the S&P 500 has tacked on 6.0%.
https://finance.yahoo.com/m/ddd60fc...b8/pandora's-stock-swings.html?.tsrc=rss
Pandora's stock swings lower, as SiriusXM selloff pulls down value of buyout deal
Shares of Pandora Media Inc. swung to a loss Monday, erasing earlier sharp gains, as the selloff in SiriusXM Holdings Inc.'s stock after SiriusXM said it agreed to buy Pandora in an all-stock deal pulled down the implied value of Pandora shares. Earlier Monday, Pandora's stock was up as much as 10%, as based on Friday's closing price of SiriusXM shares, the terms of the deal--1.44 SiriusXM shares for each Pandora share--valued Pandora shares at $10.05 each. But with SiriusXM shares tumbling 8.9% in afternoon trade, the deal now values Pandora's stock at $9.16. Pandora's stock has now gained 9.4% over the past three months, while SiriusXM shares have slumped 11% and the S&P 500 has tacked on 6.0%.
https://finance.yahoo.com/m/ddd60fc...b8/pandora's-stock-swings.html?.tsrc=rss
