What a bloodbath for us P stockholders. I'm hanging on beyond when I know it's in my best interest. On the bright side, I bought early, so I haven't lost much.
The reason bankruptcy wouldn't shock me: I can't remember the last time I read a story about a company hiring a bank to explore a sale when the outcome was positive. Sometimes you get an inexplicable pop in the stock for about a day, but it never lasts.
The reason I am holding anyway: unlike most times when you read about a company putting itself on the auction block, this is a company that is still growing revenues, has a unique product with extremely loyal users, and could have suitors who would dramatically expand the user base and be able to monetize users more successfully. Most importantly, and overlooked by shorts, the potential suitors have gobs of money overseas with few overseas investment prospects. Pandora is a company that can provide domestic tax benefits and, eventually, domestic profits, while offering big opportunities for international investment.
If they get even half way to their 2020 profit goal with the help of a good acquirer, it is accretive for almost any company at $10-$15 a share. And potential benefits to other acquirer businesses are significant, as are patents.