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SANTA MONICA, Calif., April 05, 2021 (GLOBE NEWSWIRE) Leaf Group Ltd. (NYSE: LEAF) (“Leaf Group” or the “Company”), a diversified consumer internet company, today announced that it has entered into a definitive merger agreement with Graham Holdings Company (NYSE: GHC) ( “Graham Holdings”), a diversified education and media company, under which Graham Holdings will acquire all of the outstanding shares of common stock of Leaf Group for $8.50 per share in an all-cash transaction valued at approximately $323 million.
The price per share to be paid in the transaction, which was unanimously approved by the Leaf Group Board of Directors, represents a premium of approximately 21% to the closing price of Leaf Group common stock on April 1, 2021, the last trading day prior to the transaction announcement, and a premium of approximately 35% to the 90-day volume weighted average trading price of $6.30 per share.
So what
Graham Holdings will acquire all of Leaf Group s outstanding stock for $8.50 per share, representing a 21% premium to its closing price on April 1. The all-cash deal values Leaf Group at roughly $323 million.
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After receiving Graham Holdings bid on Feb. 9, Leaf s Board of Directors tasked Moorgate Securities LLC to shop the deal. After 10 potential buyers declined to submit a competing bid, Leaf s board accepted Graham s offer. After thoroughly reviewing the strategic alternatives available to Leaf Group, the Board of Directors concluded that this all-cash premium transaction with Graham Holdings achieved the Board s long-term objective of fully recognizing the value of the business and delivers immediate and substantial cash value to our shareholders, Leaf Chairperson Deborah Benton said in a press release.
KM Packaging launches compostable product range
Global flexible packaging and lidding films supplier KM Packaging has launched a new range of compostable products. The C-Range of bio-plastic packaging materials includes shrink wrap, stretch wrap, adhesive tape, nets and bags. It enhances KM’s portfolio of sustainable flexible packaging solutions and offers customers a wider range of choice.
The new range consists of:
C-SHRINK Industrially compostable shrink film that’s ideal as a secondary wrap for packed goods.
C-STRETCH Home compostable stretch or cling film made from bio-based renewable sources.
C-TAPE Industrially compostable adhesive tape that is made from bio-based sources and natural gum.