Pandora stock closed down 6.5% at $11.66 on Tuesday after Liberty Media CEO Greg Maffei again called the music streamer overvalued, this time at the an investor conference Monday. But is Maffei just doing his best to drive the price down prior to make the Pandora acquisition that his Sirius XM subsidiary has sought for months.
Pandora stock is continuing to lose value thanks to new comments from Liberty Media CEO Greg Maffei.
"We think the (Pandora) stock is overvalued, so it’s unlikely we’re going to buy them,” Maffei told investors Tuesday at the Deutsche Bank Media, Internet & Telecom Conference. “I would buy Pandora if it were not $13” a share, he he said in answer to a question from the audience. “You want to sell it for $10? We probably would buy it. But they’re not selling it for $10.”
Maffei may get his wish as Pandora stock fell 6.5% at $11.66 on Tuesday, and continue to decline in after hours trading. Late last year, Pandora rejected a $15 per share bid by Liberty owned Sirius XM.
On Friday, Pandora made the unusual move of extending its own deadline for Board Of Director nominations at the last minute from March 3rd to next Friday, March 17. An analyst told Hypebot that extensions of this kind are usually used when a board member resigns unexpectedly or when an possible major event - such as a large investment or sale - would lead to a change in board makeup.