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| Mark Penn |
MDC Partners today adjourned its June 22 special meeting of shareholders to vote on its combination with Mark Penn’s Stagwell Media LP until July 19.
Shareholders now have until July 15 to weigh in on the deal that is opposed by Indaba Capital Management, MDC’s largest independent stockholder, which criticized the transaction as a “conflict-riddled and poorly structured merger.”
The San Francisco hedge fund owns about 15 percent of MDC’s shares.
Penn, who also helms MDC, claims the merger will create a “transformative global marketing network” blessed with “best-in-class capabilities.”
He says the Stagwell/MDC mash-up will be “the first platform in 50 years ready to take on the ‘big four’ that dominate the industry.”
MDC is the home of PR firms Allison+Partners, Hunter and KWT Global, while Stagwell owns Sloane & Co and SKDKnickerbocker.
QVC Group is using Joele Frank for strategic communications as the TV home shopping pioneer declares Chapter 11.
Publicis Groupe reported 4.5 percent Q1 organic growth in net revenues to $4.1B despite the volatile macro environment.
PondelWilkinson, the Los Angeles-based IR and strategic communications shop, has expanded to the East Coast by adding Anreder & Company veterans following the retirement of principal Steven Anreder.
Teneo represents American Ocean Minerals Corp as its merges with NASDAQ-listed Odyssey Marine Exploration to create a $1B deep-sea critical minerals research and mining platform that is under US-control.
Kekst CNC represents Cleveland-based Everstream as the business-only fiber network receives bankruptcy court approval for the sale of almost all of its operations to Bluebird Fiber for $385M.
