[UPDATED] A day after Pandora fell 6% on news that Liberty Media was in no hurry to combine the streaming music service and it's majority-owned SiriusXM, it's stock rebounded slightly on Tuesday, then fell back in after hours trading.
Pandora [NYSE: P] stock rose 1.29% on Wednesday, then fell back 1.12% in after hours trading.
The flat trading day came after Pandora stock fell 6% on Tuesday, closing at $12 .38 on news that Liberty Media CEO Greg Maffei poured cold water on takeover rumors and questioned if Pandora was worth its $3 billion market cap.
“Interesting asset,” he said. “But not clear the valuation makes sense... full stop,” said Maffei on an earnings call. “At the right price? Interesting... Not clear this is the right price.”
Sirius XM, which is majority owned by Liberty, has a market cap of $24 billion. It had offered to buy Pandora at $15 per share last summer, but was rejected.