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MDC Partners Inc. (MDCA) has received notice from Stagwell Media LP regarding its designated members for the Board of Directors following the impending merger. The transaction aims to enhance protections for minority shareholders, establishing a majority-independent board. Newly appointed directors include Paul Richardson and Rodney Slater, alongside continued service from Charlene Barshefsky. The governance amendments ensure significant independent representation and accountability within the board structure, reinforcing the company's commitment to its shareholders' interests.
The Special Committee of MDC Partners (NASDAQ: MDCA) addressed concerns from Indaba Capital Management regarding the proposed merger with Stagwell Media. The Committee emphasized that the deal, which has raised MDC's stock from $1.15 to nearly $5 per share, was negotiated over six months to maximize shareholder value. They argued that rejecting the transaction would weaken MDC's market position and financial capabilities. The Committee highlighted the strategic benefits of the merger, including significant cost synergies and improved competitiveness against larger firms.
Stagwell Media LP's CEO Mark Penn emphasized the benefits of merging MDC Partners (NASDAQ: MDCA) and Stagwell, claiming the new entity will drive strong growth. Despite a 13% revenue drop last year, MDC remains optimistic, backed by Stagwell's higher revenue and EBITDA. The combined company expects over $2 billion in revenue and over $350 million in adjusted EBITDA, with significant cost savings projected. However, Penn acknowledged MDC's need for prior cash infusions and the ongoing challenges in creative asset sectors. The merger has already positively impacted MDC's stock price, which has quadrupled.
The Special Committee of MDC Partners (NASDAQ: MDCA) responded to Indaba Capital's opposition to the proposed combination with Stagwell Media. The Committee emphasized the strategic advantages of the deal, citing a significant stock price increase from $1.15 to $4.69 since Stagwell's interest was announced. They express disappointment in Indaba's public stance, asserting that most shareholders support the Combination, which aims to drive growth and cash flow. The Committee believes this merger aligns with industry trends and offers a path to improved profitability for MDC shareholders.
Forsman & Bodenfors has appointed Toby Southgate, former Global Chief Growth Officer at McCann Worldgroup, as its new Global CEO. Collaborating with Global Executive Chairman Anna Qvennerstedt, Southgate aims to enhance the agency’s creative and strategic output amidst its ongoing global expansion. Under his leadership, Forsman & Bodenfors has recently secured significant clients and reported a 20% growth in Asia year-over-year. Southgate succeeds Guy Hayward, who departs to focus on sustainability initiatives.
MDC Partners (NASDAQ: MDCA) announced that Mark Penn, Chairman and CEO, will participate in a fireside chat at the 49th Annual J.P. Morgan Technology, Media & Communications Conference on May 26, 2021, from 4:25-5:00 PM ET. A live audio webcast will be available on the MDC Partners website, with archives accessible for a limited time. MDC Partners is a leading marketing and communications network known for delivering effective campaigns for over 1,700 clients worldwide, utilizing technology and data analytics.
MDC Partners Inc. (MDCA) announced that Chairman and CEO Mark Penn and CFO Frank Lanuto will present at two investor conferences. The first is the 16th Annual Needham Virtual Technology & Media Conference on May 18, 2021, from 11-11:40 a.m. ET. The second is the 2021 Sidoti Virtual Microcap Conference on May 19, 2021, from 10:45-11:15 a.m. ET. Live audio webcasts will be accessible on the MDC Partners website, with archives available for a limited time.
MDC Partners is a prominent marketing and communications network, known for its innovative agency partners and effective campaigns for esteemed brands.
MDC Partners announced a virtual Special Meeting of Shareholders on June 22, 2021, to vote on a proposed combination with Stagwell Media LP. This merger aims to enhance shareholder value through accelerated growth and expanded services. The MDC stock price rose from $1.15 to over $4.90 in anticipation of this transaction. The Special Committee of independent directors encourages shareholders to vote FOR the merger, highlighting its potential for improved financial performance, scale, and service offerings.
MDC Partners reported a net income of $0.9 million in Q1 2021, marking the highest in nearly three years, despite a 6.2% decline in GAAP revenue to $307.6 million. Adjusted EBITDA surged 31.3% to $51.9 million, the highest first-quarter result in the company's history, driven by cost-saving measures. The net new business wins reached $10.2 million, up from $8.4 million year-over-year. For 2021, MDC projects organic revenue growth of 7-9% and adjusted EBITDA between $190 million and $200 million.
MDC Partners Inc. (NASDAQ: MDCA) has expanded its global affiliate network in Latin America by adding Anchor Worldwide, Grupo Garnier, and The Lab, enhancing its reach with nine agency teams across various countries. This move aims to capitalize on the growing influence of the Latin American market, leveraging over 1,300 experts in content and media. The MDC affiliate program intends to establish a streamlined operation for global clients by utilizing the proprietary SaaS tool, Locate, developed by Stagwell Group, to facilitate real-time collaboration.
