Pandora Chairman Feuille’s Firm Increases Stake in Companyby
Crosslink is 11th-largest shareholder in online radio provider
Activist shareholder Corvex pushes company to seek buyer
The investment firm acquired 250,000 shares of Pandora on Wednesday at an average of $10.97 a share. The stock closed at $11.42, up 1.6 percent, on Friday. Crosslink remains the 11th-largest holder of the Oakland, California-based company, according to data compiled by Bloomberg.
Crosslink bought the shares with Pandora in the midst of a dramatic expansion of its business, and as Corvex Management LP, a hedge fund and major shareholder, pushes for the company to sell itself. Pandora Chief Financial Officer Mike Herring acquired 225,000 shares in the company in April, before Corvex went public with its demands.
Pandora Chief Executive Officer Tim Westergren has expressed a desire to stick with the company’s current strategy rather than seek a buyer. Corvex, run by Keith Meister, agitated for change after Pandora replaced CEO Brian McAndrews with Westergren, a co-founder.