The shareholders of Pandora Media have spoken, and they are OK with a purchase of the streaming audio pioneer by the nation’s satellite radio provider, Sirius XM Holdings Inc.
The vote came Tuesday (1/29) at a special meeting of Pandora stockholders. At the meeting, holders of approximately 75% of the outstanding voting power of Pandora voting securities were voted, with approximately 97% of the votes cast in favor of the transaction.
The transaction is now expected to close shortly, subject to customary closing conditions.
Assuming completion of the transaction, shares of Pandora common stock are expected to be delisted from trading on the New York Stock Exchange.
Each share of Pandora common stock will be converted into 1.44 newly issued shares of Sirius XM common stock. Sirius XM common stock will continue to trade under the existing ticker symbol “SIRI,” on the Nasdaq Global Select Market.
What does this mean for Roger Lynch?
He’s stepping down from CEO and exiting, as Sirius XM CEO Jim Meyer will lead Pandora and Sirius XM as a combined company.
Pandora General Counsel Steve Bene; CFO and former interim CEO Naveen Chopra; and Chief Human Resources Officer Kristen Robinson will also exit the company following the transaction’s closing.