http://pipeline.thedeal.com/article/14025302/index.dlPandora Media (P) late Thursday postponed the deadline for dissident director nominations, suggesting that Carl Icahn protege Keith Meister is seriously considering a proxy contest to push for a possible sale of the web-radio streaming company.
Specifically, according to a securities filing, Pandora said it was postponing the deadline for nominating directors for its 2017 annual meeting until March 17, 2017. The deadline had previously been Friday, March 3.
The postponement comes after Meister launched an activist campaign at Pandora in May, urging the web-radio company to hire an investment bank and explore a sale because he believes there is "likely to be significant" strategic interest in it.
"We believe Pandora can become an even more differentiated product and a more valuable business as part of a larger enterprise," Meister said in a letter he sent to Pandora's board May 16.
Corvex Management, the hedge fund Meister founded in 2010, reported owning a 10% stake, which included common shares and derivatives. Meister touted Pandora, noting it has a "great product."
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