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Stagwell Media LP announced that its subsidiary, Stagwell Marketing Group LLC, has significantly outperformed expectations in Q2 2021, prompting an upgrade in financial guidance to MDC Partners (MDCA). Key drivers include a shift to digital media, increased client demand for market research, and growth in digital products. The performance in entertainment and travel sectors has also improved. Additionally, Stagwell’s portfolio company, Code and Theory, topped industry rankings. The optimism surrounding the proposed transaction with MDC reflects a desire to innovate and reshape the marketing landscape.
MDC Partners (NASDAQ: MDCA) has raised its full-year 2021 guidance for organic revenue growth to 9%-11% and Adjusted EBITDA to between $200 million and $210 million. This revision follows the highest Adjusted EBITDA recorded in the first quarter. The company attributes this growth to robust demand as it recovers from the pandemic's economic impact. Furthermore, MDC Partners is progressing towards a strategic combination with Stagwell, aimed at enhancing industry disruption and stakeholder value.
Indaba Capital Management, the largest independent shareholder of MDC Partners (NASDAQ: MDCA), has publicly opposed the revised terms of MDC's proposed merger with Stagwell Media, announced on July 9. Indaba criticizes the revised offer for insufficient shareholder consideration, transparency, investor backing, and governance issues. They argue the changes fail to value MDC's public structure adequately and neglect substantial feedback from shareholders, including a request for a 35% ownership stake in the combined entity. Indaba emphasizes the need for credible proposals that reflect shareholder interests and sound financial analysis.
MDC Partners (NASDAQ: MDCA) announced a strategic partnership with Adwise, Russia's largest independent creative agency, to enhance its global affiliate network in Russia. This collaboration aims to strengthen MDC's creative and data-driven media capabilities, allowing global brand partners to engage consumers effectively. Adwise will provide 360-degree digital marketing services, co-develop traditional media buying, and share regional insights. The partnership underscores MDC's commitment to growth in key markets, reflecting an expanding portfolio of 24 affiliates worldwide.
MDC Partners Inc. (MDCA) announced a revised agreement with Stagwell Media LP, reducing Stagwell's share consideration from 216.25 million common shares to 180 million. Following the amended transaction, existing shareholders would own approximately 31% of the combined company. The MDC Special Committee unanimously recommends that shareholders vote 'FOR' this transaction, citing better growth prospects, financial flexibility, and governance enhancements, including an independent board majority. The special shareholder meeting is rescheduled for July 26, 2021.
Indaba Capital Management, MDC Partners' largest independent shareholder, issued an open letter to CEO Mark Penn expressing dissatisfaction over lack of communication regarding the merger with Stagwell Media. Indaba has stated it cannot support the merger on current terms, citing conflicts and concerns over governance practices. Indaba holds about 15% of the voting power and is willing to negotiate a fair agreement, but indicates it will oppose the merger if discussions do not take place. They believe MDC could thrive independently, especially in the industry's post-pandemic recovery.
MDC Partners (NASDAQ: MDCA) has achieved the TAG Certified Against Fraud Seal from the Trustworthy Accountability Group, affirming its commitment to combat fraudulent traffic in digital advertising. This certification demonstrates MDC's adherence to stringent industry standards to protect clients and the supply chain. With over 600 TAG member organizations, companies utilizing TAG Certified Channels benefit from significantly reduced invalid traffic. MDC's Chief Media Officer emphasized the importance of safety and transparency in digital marketing following rapid growth in the sector.
MDC Partners Inc. (NASDAQ: MDCA) has announced the adjournment of its Special Meeting of Shareholders to July 19, 2021, at 11:00 a.m. ET. This meeting will address the Proposed Transaction involving MDC's business and Stagwell Media LP. The meeting will be held virtually to ensure safety amid the COVID-19 pandemic. Shareholders are encouraged to vote in advance, with the proxy voting deadline set for July 15, 2021. For inquiries, shareholders can contact Kingsdale Advisors. This announcement emphasizes the importance of shareholder participation in the upcoming vote.
