Pandora [NYSE: P] stock fell 6% on Tuesday, closing at $12 .38, after Liberty Media CEO Greg Maffei poured cold water on takeover rumors and question 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.