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  "documentTitle": "SiriusXM | Mergers and Acquisitions Presentation Deck | 12 slides",
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      "text": "Expected to close in Q1 2019 subject to Pandora stockholders approval, antitrust approvals and customary closing conditions",
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      "text": "Pandora stockholders to receive 100% stock consideration at a fixed exchange ratio of 1.44 shares of SiriusXM for each share of Pandora. Equivalent to $10.14 per share, representing a 13.8% premium based on the 30-day VWAP of both companies' shares. Transaction valued at approximately $3.5 billion, including assumption of debt. Pandora stockholders to own 8.6% of the pro forma company on a fully diluted basis.",
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