- Education and media company Graham Holdings Co GHC inked an agreement to acquire consumer internet company Leaf Group Ltd LEAF, an all-cash transaction valued at $323 million.
- The purchase price of $8.50 per share signifies a 21% premium to Leaf’s April 1 closing price.
- The board unanimously ratified the transaction.
- Leaf’s board received the acquisition proposal on February 9.
- Leaf will become a wholly-owned subsidiary of Graham under the arrangement.
- Leaf’s CEO Sean Moriarty and other key management members will reprise their roles.
- Graham held cash and cash equivalent of $1.01 billion as of December 31, 2020.
- Price action: GHC shares traded higher by 1.97% at $574.83 in the premarket session on the last check Monday. LEAF is trading higher by 21.2% at $8.53 on the last check Monday.
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