Deals
Pandora Pressed to Consider Sale by Activist Investor Corvex
- Hedge fund urges Web-radio provider to hire independent banker
- Meister ‘surprised’ by return of founder as CEO after talks
Pandora Faces Activist Pressure to Explore a Sale
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Corvex Management, the hedge fund run by Keith Meister, is pressing Pandora Media Inc.’s management to explore a sale, saying that the Web-radio provider hasn’t been able to boost returns for shareholders even though it has a “great product.”
The activist investor, which disclosed an increased 9.9 percent stake in shares and derivatives in Pandora, made public a letter to the board, referring to discussions with the Internet radio service about exploring a sale.