Pandora (NYSE: P) stockholders voted on Tuesday to approve the audio streamer's acquisition by SiriusXM. At the special meeting stockholders with 75% of the outstanding voting power voted, with 97% of the votes cast in favor of the transaction.
The transaction is expected to close shortly and shares of Pandora common stock will be delisted from the New York Stock Exchange. Each share of Pandora common stock will be converted into 1.44 newly issued shares of SiriusXM common stock.
Steve Bene, General Counsel of Pandora; Naveen Chopra, Chief Financial Officer of Pandora; and Kristen Robinson, Chief Human Resources Officer of Pandora, also will be exiting the company following the closing.