Pandora CEO Roger Lynch will step down from the company, following the news that Pandora stockholders approved the company’s $3.5 billion acquisition by SiriusXM. Lynch has been in the CEO role since August 2017.
Jim Meyer, CEO of SiriusXM will lead Pandora and SiriusXM as a combined company going forward. Steve Bene, General Counsel of Pandora; Naveen Chopra, Chief Financial Officer of Pandora; and Kristen Robinson, Chief Human Resources Officer of Pandora, also will be exiting the company following the transaction closing.
At the special meeting of Pandora stockholders, holders of approximately 75 percent of the outstanding voting power of Pandora voting securities were voted, with approximately 97 percent of the votes cast in favor of the transaction.
The transaction is 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 (“NYSE”). As a result of the transaction, among other things, 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.
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