Following a Thursday report that Sirius XM Holdings Inc. SIRI presented Pandora Media Inc P an investment offer, Pandora announced it would extend its pre-closing period on KKR & Co. L.P. KKR’s $150 million investment to explore an alternative “substantial minority investment.”
Pandora and KKR, a a global investment company whose asset classes include privat equity firm, are each prepared to close the deal, whose 30-day exploration period expired Thursday, but agreed to extend as Pandora considers newly-emerged opportunities. Sirius XM allegedly raced the clock to submit its bid Wednesday evening, according to a Reuters source.
The firm initiated negotiations for a private investment in public equity (PIPE) after previous bids to acquire Pandora fell through.
The terms of its latest offer are unknown, and Pandora would not comment on the new KKR expiration date.
The music-streaming company noted in its press release that, if it determines KKR to be more suitable to its strategy, the pre-established investment will close when the extension expires. A mere investment falls short of its initial 30-day goal to find a buyer.
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