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Pandora Rebuffs Purchase offer from Liberty Media
RADIO ONLINE | Thursday, July 21, 2016 |
Pandora Media, an Internet radio service, saw its stock price rise as much as 10 percent to $13.62 following a report from the Wall Street Journal that said Liberty Media Corp. made an informal $3.4 billion offer to buy the company. Pandora rejected the offer from Liberty, the company which controls Sirius XM Holdings Inc. and SiriusXM Satellite Radio.
WSJ reported that Liberty "floated" an offer to buy Pandora for roughly $15 a share, but the Oakland-based company board rebuffed the offer sayimg the value is closer to around $20 a share. Pandora declined to comment.
Pandora is scheduled to release its financial results for the second quarter later today.
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