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FrontFour Capital Group, which owns a 5.3 percent stake in MDC Partners, has launched an effort to oust three of eight directors of the ad/PR holding company.
The Connecticut hedge fund believes a board revamp is needed to create shareholder value at MDC, according to its Jan. 2 Securities and Exchange Commission filing.
MDC shares trade at $2.79. 52-week range is $2.20, $10.10. The firm lost $36.2M on $1.1B nine-month 2018 revenues.
FrontFour wants a meeting no later than March 29 for a shareholder vote to remove directors Scott Kauffman (outgoing MDC CEO), Clare Copeland (vice chairman of Falls Management commercial developer/casino operator) and Irwin Simon (CEO of Hain Celestial Group natural/organic food company.)
Its slate of directors includes Stephen Loukas (partner at FrontFour), Kristen O’Hara (ex-CMO of Time Warner) and David Moran (co-founder of Deep Relevance Partners branding firm).
MDC said it remains focused on its previously announced plan to explore strategic options and search for a CEO.
It owns Allison + Partners, Sloane & Co, KWT Global and Hunter PR.
C Street Advisory handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
