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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.
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.
