Leaf Group (LEAF) Announces Shareholder Approval of Merger Agreement with Graham Holdings

Key Summary: In 2019 and 2020, Osmium Partners (initially 7.8%) led multiple campaigns urging Leaf Group to sell its Media and Marketplace assets, citing undervaluation, and later joined a 40% investor group with PEAK6, Oak, Boyle, Generation, and Spectrum calling for CEO removal, board refreshment, and a new strategic review; the group proposed a compromise in October 2020 and cut its stake to 23.8% by January 2021. VIEX Capital (6.6%) joined forces with Osmium and Oak in early 2021, opposed a dilutive offering, nominated directors, and criticized the $8.50/share sale to Graham Holdings, later dissolving the group and reducing its stake to 4.4% before the deal was approved. Madison Avenue Partners (6.4%) opposed the company’s board slate and strategic review efforts in March 2021, reducing its stake to 4.9% in May, while Penderfund (5.77%) called for operational improvements but trimmed its holding to 3.86% by early 2021.