Leaf Stock Is Trading Higher As Graham Acquires It For 21% Premium

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.