Pandora Media Inc. asked stockholders to approve its proposed merger with Sirius XM Holdings Inc. at a special meeting Jan. 29, 2019.
The transaction has been unanimously approved by both the board of Sirius XM and the independent directors of Pandora. No vote of Sirius XM stockholders is required in connection with the merger, according to a Dec. 24 news release.
The waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 was terminated Dec. 21. The companies expect that the transaction to close in early 2019.
In September, Sirius agreed to acquire Pandora in an all-stock transaction valued at about $3.5 billion. Under the agreement, the owners of the outstanding shares in Pandora that Sirius does not currently own will receive a fixed exchange ratio of 1.44 newly issued Sirius shares for each share of Pandora they hold.