Actionable news
0
All posts from Actionable news
Actionable news in P: PANDORA MEDIA Inc,

Corvex discloses large Pandora stake, pushes for sale-letter

Keith Meister, founder and chief investment officer at Corvex Management LP., speaks during the Sohn Investment Conference in New York May 4, 2015.

Corvex Management LP disclosed on Monday that it owns 9.9 percent of Pandora Media Inc and urged the internet music streaming company to explore a sale instead of pursuing a "costly and uncertain business plan."

Corvex, a hedge fund run by Keith Meister, a protégé of billionaire activist investor Carl Icahn, said it had met with the company's management and had withdrawn a plan to replace some of its board members. However, it now believes Pandora should hire an investment bank to help the company explore its strategic options including a sale.

"We believe there is likely to be significant strategic interest in the company at a substantial premium to the company's recent stock...


More