SiriusXM Offer for Pandora 'Fair,' Says Analyst, Expecting Q1 Purchase to Go Through
SiriusXM remains on track to close its acquisition of Pandora in Q1, wrote Wedbush Securities' Michael Pachter to investors, after the company’s Q3 earnings report last week. Pachter had seen possible rejection by Pandora shareholders of Sirius’ offer to buy…
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the remaining shares of Pandora it doesn’t own for $3.5 billion (see 1811060015), but called the value “fair” Tuesday. The analyst still sees Pandora “struggling to grow Active Listeners and lay out a path to sustainable profitability.” The Q3 results were “better than expected” but listener hours fell below analysts’ expectations, he said.