利夫集团董事会一致建议股东批准格雷厄姆控股的收购

05/10/21

SANTA MONICA, Calif., May 10, 2021 (GLOBE NEWSWIRE) -- Leaf Group Ltd. (NYSE: LEAF), a diversified consumer internet company, today sent the following letter to shareholders regarding its Board’s recommendation that shareholders approve its recently announced merger agreement with Graham Holdings Company (NYSE: GHC):

尊敬的股东,

如你所知,在2021年4月3日,利夫集团(以下简称“公司”)与格雷厄姆控股公司(以下简称“格雷厄姆控股”)签订了最终合并协议,该公司是一家多元化教育和媒体公司,根据该协议,Graham Holdings将以每股8.50美元的价格以约3.23亿美元的全现金交易收购Leaf Group的所有已发行普通股。这笔交易对Leaf Group的股东来说代表着即时和一定的现金价值。

董事会和管理团队与利叶集团的独立财务顾问和法律顾问进行了广泛的咨询,以确保合并为利叶集团股东实现价值最大化。这些讨论,加上对公司其他战略机遇的考虑,使董事会得出结论,合并显然是Leaf集团股东的最佳前进道路。结果,董事会一致投票通过了合并

因此,叶群体董事会一致建议本公司的股东投票赞成合并协议。

本次交易每股8.50美元的现金价值为股东提供了最佳选择

董事会已确定格雷厄姆控股收购所提供的重大和一定的价值是叶集团股东的更好的结果,而不是通过继续独立运作产生的潜在价值。由于继续作为独立实体运作的实质性风险,这一结论在很大程度上。

虽然公司在2020年和2021年的第一季度取得了重大成功,但在创纪录的收入增长的推动下,它继续面临挑战在调整后的EBITDA中实现增长。鉴于公司市场业务的低利润率和媒体集团的收入下降,这完全有可能在2021年及以后达到华尔街的EBITDA期望。

With respect to the Company’s Society6 and Saatchi Art Groups, we expect that both will confront difficult year-over-year comparisons starting in the second quarter of 2021, given the strong performance of both businesses in 2020. And while the Company believes that the change in purchasing behavior accelerated by the COVID-19 pandemic will have an enduring positive impact on e-commerce, there is a material risk that the coming end of the pandemic and shelter-at-home regulations may cause a slowdown – and even a potential reversal – of the Society6 and Saatchi Art Group businesses as consumers are able to return to work and grow more comfortable shopping in physical stores. Indeed, as just disclosed in our first quarter earnings release, for the month of April, 2021, Society6 gross transaction value grew only 3% on a year-over-year basis.

With respect to the Company’s Media Group, this business unit has faced significant headwinds for the past two years with a revenue decline of 13% for fiscal year 2020. Site visits to Media Group properties declined by 26% in 2020 (or 14%, excluding assets that were sold in 2020). In order to reverse these trends, the Company would need to deploy additional capital – with no guarantee of success.

除了这些商业风险之外,股东维权主义的持续威胁也在增加。自2019年1月以来,聆风集团一直是多个股东维权运动的主题,涉及董事选举、要求出售公司以及公众对管理层和董事会的攻击等。2021年2月,一个股东维权团体提名了两名董事候选人,以反对我们在2021年年度会议上的提名。如果股东不批准合并协议,很可能股东维权人士组将进行一个代理竞争选举候选人在2021年年度会议上,我们将再次被要求保留服务的各种法律、金融和通讯的国防顾问帮助我们这个代理权争夺战。就像激进分子迄今为止的其他努力一样,这次代理权争夺将是耗时、昂贵的,并将再次转移管理层和董事会的注意力。

格雷厄姆的提案为我们的股东提供了重大价值和确定性。它授予他们立即访问:

  • 在2021年4月1日的公司普通股股份的截止价格上的溢价约为21%(执行合并协议前的最后一个交易日);
  • 在合并协议签署前的最后30、60和90个交易日,相对于本公司普通股的成交量加权平均股价分别溢价约20%、27%和35%;和
  • 溢价约为公司12月14日,2020年的公众每股4.20美元的公开售价(在执行合并协议前不到四个月)。
  • 在2020年4月3日,在合并协议宣布之前,每年4月3日普通股票的普通股票股份的股票价格为1.29美元的溢价约为559%。

Taken together, the Board has concluded that the consideration and certainty offered by this transaction represent superior value to the uncertain upside of staying the course – eliminating long-term business and execution risk at a time of significantly heightened volatility in the market, Leaf Group’s stock and the stocks of its peer companies.

没有其他方有兴趣收购能提供更多价值的公司

在收到Graham Holdings的建议后,董事会联系了公司及其外部顾问认为最有可能收购公司的十个战略方和财务赞助商。尽管该公司近期业绩强劲,但没有任何一方有意收购整个公司。

这些结果与叶集团的长期战略审查结果一致2019年4月至2020年5月,在此期间,该公司接触了160家潜在收购方,并签订了45份保密协议。在整个过程中,该公司没有收到任何收购整个业务的要约。

董事会考虑了进行另一次战略评估的可能性,但由于历史重演的重大风险,决定不这样做——在2019-2020年战略评估期间,聆风集团普通股价格从8.76美元跌至1.70美元。在过去的两年里,只有一家公司对收购整个公司感兴趣,那就是格雷厄姆控股公司。自宣布合并协议以来,该公司一直没有收到任何收购意向。

鉴于上述情况,董事会相信格雷厄姆控股的提议是对公司的最佳报价。

格雷厄姆控股的合并是当前实现股东价值最大化的最佳途径

The Board firmly believes that the terms of the merger are significantly more favorable to Leaf Group’s shareholders than the potential value that would be reasonably expected to result from any alternatives available to the Company, particularly when taking into account business risks, likelihood of more distraction and expense due to a proxy contest, and other considerations. This belief is supported by the Company’s financial advisors, outside legal counsel, and management, all of whom agree that this is the right next step for our business and our shareholders.

你的一票至关重要,每一票都很重要。聆风集团董事会强烈建议聆风集团股东按照所附代理卡上的说明投票批准合并协议。

我们谨代表利夫集团董事会感谢您的支持。

真诚地,

黛博拉·a·本顿
董事会主席

关于叶子组

亚博yabo叶集团有限公司(纽约证券交易所代码:叶子)是一家多元化的消费互联网公司,建立持久的创造者驱动的品牌,以大规模和不断增长的生活方式类别达到充满激情的观众,包括健身和健康(Well + Good,LiveStr亚博彩票APPong.com和MyPlate应用程序),和家庭,艺术和设计(Saatchi Art,Society6和Hunker)。有关叶组的更多信息,请访问www.soulette.com

关于格雷厄姆控股公司

格雷厄姆控股公司(NYSE: GHC)是一家多元化的教育和媒体公司,业务包括教育服务;电视广播;在线、播客、印刷和地方电视新闻等内容;社交媒体广告服务;制造;汽车经销商;食肆及娱乐场所;自定义框架;家庭健康和临终关怀Graham Holdings旗下的Kaplan, Inc.提供各种各样的教育服务,包括美国国内和国外的教育服务。 Graham Holdings’ media operations comprise the ownership and operation of television broadcasting (through the ownership and operation of seven television broadcast stations) plus Slate and Foreign Policy magazines; and Pinna, an ad-free audio streaming service for children. Graham Holdings’ home health and hospice operations provide home health, hospice and palliative services. Graham Holdings’ manufacturing companies comprise the ownership of a supplier of pressure treated wood, an electrical solutions company, a manufacturer of lifting solutions, and a supplier of certain parts used in electric utilities and industrial systems. Graham Holdings also owns automotive dealerships, restaurants, a custom framing service company, a cybersecurity training company, a marketing solutions provider, and a customer data and analytics software company.

附加信息和在哪里找到它

此沟通涉及涉及本公司根据合并协定和计划的拟议合并(“合并”),截至4月3日,2021年4月3日,公司,格雷厄姆控股和Pacifica Merger Sub,Inc。,A全资拥有的格雷厄姆控股子公司(“合并协议”),可被视为拟议合并的征求材料。与拟议的合并有关,该公司将相关材料提交了美国证券交易委员会(“仲裁”),包括关于附表14A的代理声明(“代理声明”)。代理声明提交了第二届,并于2021年5月6日首次邮寄到公司股东。该沟通不是代理声明或本公司可以提交的任何其他文件的替代品或发送给的任何其他文件Company’s stockholders in connection with the proposed Merger. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND RELATED MATTERS. Stockholders will be able to obtain free copies of the Proxy Statement and other documents filed by the Company with the SEC through the website maintained by the SEC atwww.sec.gov.本公司提交的文件副本还将免费提供公司网站的可用www.soulette.com或通过联系公司的投资者关系联系人[电子邮件受保护]

征集参与者

的公司及其董事和高管和员工可能被视为参加征集代理的公司的股东的合并规则下秒。公司的董事和高管的信息和他们的股票的所有权公司普通股在年度报告形式提出10 - k截至今年12月31日,2020年,这是提交给美国证券交易委员会在2月25日,2021(修正案1号的修改,形成10 - k向SEC提交4月30日,2021年),其代理声明2020年年度股东大会,这是向SEC提交4月20日以及随后提交或将提交给SEC的文件,包括委托书。有关可能被视为参与代理请求的人士的资料,以及他们在合并中以证券持股或其他方式获得的直接和间接利益的描述,均载于代理声明内。任何此类额外信息将包括在其他相关材料中,并在获得时提交给SEC。如前所述,您可以获得这些文件的免费副本。

前瞻性陈述

该沟通凭借1995年私营证券诉讼改革法案的含义内的“前瞻性陈述”。该公司一般通过术语确定前瞻性陈述,如“5月”,“愿意”,“应该”,““计划”,“预期”,“愿,”“拟议”,“”目标“,”项目“,”冥想“,”相信“,”估计“,”预测“,”“潜力”或“继续”或负面这些术语或其他类似的单词。这些陈述只是预测。该公司基于这些前瞻性陈述,主要是其目前关于未来事件和财务趋势的预期和预测,以及管理层的信仰和假设。前瞻性陈述受到许多风险和不确定性的影响,其中许多涉及超出公司控制的因素或情况。The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: (i) risks associated with the Company’s ability to obtain the stockholder approval required to consummate the proposed Merger and the timing of the closing of the proposed Merger, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed Merger will not occur; (ii) the outcome of any legal proceedings that may be instituted against the parties and others related to the Merger Agreement; (iii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement; (iv) unanticipated difficulties or expenditures relating to the proposed Merger, the response of business partners and competitors to the announcement of the proposed Merger, and/or potential difficulties in employee retention as a result of the announcement and pendency of the proposed Merger; (v) the response of Company stockholders to the Merger Agreement; and (vi) those risks detailed in the Company’s most recent Annual Report on Form 10-K (as amended by the Amendment No. 1 to such Form 10-K) and subsequent reports filed with the SEC, as well as other documents that may be filed by the Company from time to time with the SEC. Accordingly, you should not rely upon forward-looking statements as predictions of future events. The Company cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

叶子集团投资者联系人:
肖恩米尔恩
投资者关系
415-264-3419
[电子邮件受保护]

叶群媒体联系人:
约翰克里斯琴森/内特·约翰逊
Sard Verbinnen公司
415 - 618 8750/310 - 201 - 2040
[电子邮件受保护]

Sharna Daduk
副总裁、通信
[电子邮件受保护]


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资料来源:聆风集亚博yabo团有限公司