MDC Partners' Shareholders Ratify Stagwell Merger

Benzinga

27 Jul 2021

MDC Partners Inc's (NASDAQ: MDCA) shareholders voted to approve the previously announced business combination of MDC with certain subsidiaries of Stagwell Media LP during a special meeting held earlier today.
The combined company will be renamed Stagwell Inc and will trade on the Nasdaq.
It was a unique opportunity to create a new marketing machine that can transform the industry and create enhanced opportunities for growth and value in the marketplace, MDC Partners CEO Mark Penn stated.
Stagwell Media will own 69% of the combined company, the Wall Street Journal reported. MDC shareholders will own 31% of the joint company.
The joint entity could generate about $2 billion in 2021 revenue and over $350 million in EBITDA. The transaction is likely to complete on Aug. 2.
Price action: MDCA shares traded higher by 7.96% at $6.10 on the last check Monday.

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MDC shareholders will own 31% of the joint company.</li>\n<li>The joint entity could generate about $2 billion in 2021 revenue and over $350 million in EBITDA. The transaction is likely to complete on Aug. 2.</li>\n<li><strong>Price action:</strong> MDCA shares traded higher by 7.96% at $6.10 on the last check Monday.</li>\n</ul>\n<p><strong>See more from Benzinga</strong></p>\n<ul>\n<li>Click here for options trades from Benzinga</li>\n<li>MDC Partners Lifts FY21 Financial Guidance</li>\n</ul>\n<p><i>© 2021 Benzinga.com. Benzinga does not provide investment advice. 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