Pandora stock dropped for the third trading day in a row on Tuesday after news last week that SiriusXM was "unlikely" to buy the music streaming service. As of Noon, the stock had fallen to $11.93 and was dropping.
Pandora stock continued to fall after a SiriusXM executive threw cold water on talk of an acquisition. “With respect to all the chatter about [these] acquisitions, you have to look at them as them not being likely,” said SiriusXM's CFO. “That’s the way to characterize it.”
Liberty Media had offered $15 per share at a $3.4 billion valuation in July of last year, which the Pandora board rejected. With a stock price at $11.93 as of Noon Tuesday, Pandora is effectively worth 20% or almost $700 less than Liberty's offer of just 6 months ago.
You can track continued movement of Pandora and other music related stock in Yahoo Finance widget in Hypebot's right column.