Although all conditions to closing of the investment by KKR in Pandora (NYSE: P) have been met and both parties are prepared to close immediately, KKR and Pandora agreed to a brief extension of the pre-closing period and Pandora's termination right to enable Pandora to explore interest expressed by a strategic investor in making a substantial minority investment in Pandora, in lieu of the KKR investment. If Pandora determines that the KKR investment continues to be in the best interest of its stockholders, the KKR investment will close immediately following the expiration of this extended period.

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