 |
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.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
Have a comment? Send it to 
No comments have been submitted for this story yet.