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Pandora Media (P): Corvex Capital Aims To Boost Stake To 14.99%

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Activist investor Keith Meister is determined to step up his interest in Pandora Media Inc. (NYSE:P) as he is agitating for the sale of the company. His fund, Corvex Capital currently holds 11.4 million shares of the internet radio company, as well as 7.64 million shares underlying call options, giving it economic exposure to approximately 8.3% of Pandora’s outstanding stock. By virtue of cash-settled swaps the fund has economic exposure to a further 3.69 million shares, which would take its holding to 9.9% of Pandora’s common stock. In a recent filing with the Securities and Exchange Commission, Corvex and Meister state their intention to acquire more shares.

According to the filing, Corvex is petitioning US regulator for permission to boost its holding of Pandora Media Inc. (NYSE:P) to as much as 14.99% without further approval. Corvex announced the stake back in May and said its representatives had already held talks with the management of the company regarding ways to increase shareholder value, including a potential sale.

Pandora shares jumped by as much as 10% last week on reports that Liberty Media Group made an informal offer to buy the company for $15 a share. The company’s board, however, values its shares at approximately $20 per share, according to a report.

 Shutter_M/Shutterstock.com

Shutter_M/Shutterstock.com

Hedge fund interest in Pandora Media Inc. (NYSE:P) cooled down during the first quarter, with the number of long positions having dropped to 35 at the end of March, from 48 positions registered a quarter before. David Goel and Paul Ferri‘s Matrix Capital Management held the largest stake among the funds followed by Insider Monkey, which amounted to 22.7 million shares. Ricky Sandler‘s Eminence Capital had its stake increased by 34% during the quarter to some 14.3 million shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
CORVEX MANAGEMENT 19,066,942 0 19,066,942 0 19,066,942 8.3%
KEITH MEISTER 19,066,942 0 19,066,942 0 19,066,942 8.3%
Keith Meister
Keith Meister
Corvex Capital

Page 1 of 7 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PANDORA MEDIA, INC.
(Name of Issuer)
COMMON STOCK, $0.0001 PAR VALUE
(Title of Class of Securities)
698354107
(CUSIP Number)
Keith Meister
Patrick J. Dooley, Esq.
Corvex Management LP
667 Madison Avenue
New York, NY 10065
(212) 474-6700
Jeffrey L. Kochian
Akin Gump Strauss Hauer & Feld LLP
One Bryant Park
New York, NY 10036
(212) 872-8069
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
July 27, 2016
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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