
Pandora, the online radio streaming service, just fielded an offer of about $3.4 billion from Liberty Media. Liberty Media is the parent company of Sirius XM, and apparently offered to purchase Pandora for $15 per share. According the Wall Street Joual, this proposed payment actually landed significantly higher than the trading price per share at the time of the offer.
Although it wasn't a formal offer, Pandora rebuffed it. Insiders said they were looking for closer to $20 per share, and had been shopping the company around to larger companies like Apple and Amazon.
Music streaming is a quickly changing market, and Pandora in particular been experiencing a tumultuous last few months. So whether Liberty Media's CEO Greg Maffei will up the offer, and how a Sirius XM-Pandora partnership would look, are both unclear.
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