Shares of online music streaming service Pandora (P) slid 7.7% to close at $8.74 Tuesday as a decisive KKR investment is set to close.
Last month, private Equity firm KKR invested $150 million in Pandora, with a further provision of $100 million at Pandora's discretion.
In return, KKR would receive a board seat in the company and preferred shares, if Pandora had not sold itself within 30 days.
The 30-day deadline arrives on Thursday.
One firm interested in Pandora is Liberty Media (LMCA) which has a majority stake in satellite radio group Sirius XM (SIRI) - Get Report. Evercore ISI noted last month that a deal between the two was "certainly possible."
Shares of Pandora are lower over 17% the past month.
Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.
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