John Jannarone” data-reactid=”19″By John Jannarone
When chronically underperforming media company Leaf Group Ltd. announced a “strategic review” to consider selling all or part of itself in April 2019, certain buyers were licking their chops. But in the end, dinner was never served.
According to a potential strategic buyer, the company broke many normal rules of conduct in a sale process, effectively ruling out the possibility of doing a deal of any kind. The would-be bidder had expressed interest in some of Leaf’s assets prior to the review process, but when the apparent opportunity to conduct due diligence came about, Leaf Group declined to disclose detailed financial information about individual divisions.
There was, in theory, an opportunity to make a bid, but the company gave the person just one week’s notice of a final deadline. There weren’t any chances to meet senior management to discuss details or access to