Leaf holder Boyle Capital says Graham Holdings deal is 'grossly inadequate'

Leaf Group (LEAF) holder Boyle Capital said Graham Holdings (GHC) $8.50/share deal to acquire Leaf Group "materially" undervalues the company.Boyle Capital points out in a letter to Leaf Group that BTIG in its most recent initiation report on LEAF has a $9.50 price target and $11.90 by 2022 and Canaccord Genuity, which acted as financial advisor to LEAF and provided a fairness opinion to LEAF's board, has an equity analyst who has a PT of $9 on the stock.The most relevant precedent transactions would value Leaf at about $24/share based on average EV/sales multiple and $13/share based on the low EV/sales multiple."We are unable to find any metric that suggests $8.50 per share is reasonable compensation for long suffering Leaf shareholders," Boyle Capital Managing Member Erik Ritland writes in letter. Boyle didn't specifically provide its Leaf ownership stake.Ritland adds that Leaf is "sitting on a treasure trove" of exciting content with