Benzinga | May 25, 2021 04:08PM EDT

ISS Recommends Leaf Group Shareholders Approve Acquisition by Graham Holdings and All Related Proposals

Leaf Group Ltd. (NYSE:LEAF) ("Leaf Group" or the "Company"), a diversified consumer internet company, today announced that Institutional Shareholder Services Inc. ("ISS") has recommended shareholders vote to approve its merger agreement with Graham Holdings Company (NYSE:GHC) ("Graham Holdings").

Deborah A. Benton, Leaf Group's Chair of the Board, commented:

"Leaf Group is pleased that ISS has recognized the significant immediate and certain value this transaction offers our shareholders. Their analysis supports the Board of Directors' conclusion that this merger agreement is a categorically better outcome for Leaf Group's shareholders than the potential value that might be generated through continued standalone operation. The Board continues to unanimously recommend that the company's shareholders vote to approve the merger agreement."

In addition, ISS recommended in its report that shareholders approve both of Leaf Group's related proposals, including the non-binding advisory proposal to approve the compensation of the company's executive officers in connection with the merger with Graham Holdings and the adjournment of Leaf Group's special meeting of shareholders in the event there are insufficient votes to approve the merger at the time of the special meeting.