Sirius XM has explored an acquisition of Pandora for at least two years. Last year, Sirius floated a $15-per-share offer for Pandora. More recently, the CEO of Liberty Media, Sirius's majority shareholder, said it would buy Pandora for $10 per share. CNBC reported Sirius's final acquisition offer valued Pandora at $8. After all the negotiation, Pandora reached a deal to sell about 20 percent of the business to Sirius for $480 million, valuing the company around $2.4 billion, or just under $10 per share. Plus, Sirius's investment comes with a 6 percent dividend on its preferred shares. Bloomberg entertainment reporter Lucas Shaw tells host Alex Sherman that evidence indicates Sirius got the better of Pandora in its deal negotiations.

<p>Sirius XM has explored an acquisition of Pandora for at least two years. Last year, Sirius floated a $15-per-share offer for Pandora. More recently, the CEO of Liberty Media, Sirius's majority shareholder, said it would buy Pandora for $10 per share. CNBC reported Sirius's final acquisition offer valued Pandora at $8. After all the negotiation, Pandora reached a deal to sell about 20 percent of the business to Sirius for $480 million, valuing the company around $2.4 billion, or just under $10 per share. Plus, Sirius's investment comes with a 6 percent dividend on its preferred shares. Bloomberg entertainment reporter Lucas Shaw tells host Alex Sherman that evidence indicates Sirius got the better of Pandora in its deal negotiations.</p>

Bloomberg M&A reporters, joined by outside experts and members of Bloomberg's Deals team, examines the week's biggest deals and highlights M&A trends most under scrutiny by Wall Street. He'll talk to reporters who broke Bloomberg's major scoops and interview investors, executives, lawyers and bankers for an inside peek into what's going on inside corporate boardrooms and what it's like working with the world's largest companies and richest people.

Bloomberg M&A reporter Alex Sherman examines the week's biggest deals and highlights M&A trends most under scrutiny by Wall Street.

Deal of the Week

Pandora Got Siriusly Outnegotiated

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