Corvex discloses large Pandora stake, pushes for sale-letter

Corvex Management LP disclosed on Monday that it owns 9.9 percent of Pandora Media Inc and urged the internet music streaming company to explore a sale instead of pursuing a "costly and uncertain business plan." Corvex, a hedge fund run by Keith Meister, a protégé of billionaire activist investor Carl Icahn, said it had met with the company's management and had withdrawn a plan to replace some of its board members. "We believe there is likely to be significant strategic interest in the company at a substantial premium to the company's recent stock price," Corvex said, adding that large internet companies, handset makers and media companies could be potential buyers. Corvex owns about 22.7 million shares in the company, making the hedge fund Pandora's largest shareholder.

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