MDC Partners To Postpone Or Adjourn Without Conducting Business Its Special Meeting Of Shareholders At 12 p.m. EDT Jun. 22 To Approve Proposed Business Combo With Stagwell Media

Author: Benzinga Newsdesk | June 16, 2021 07:03am

MDC Partners Inc. ("MDC" or the "Company") announced today that it intends to postpone or adjourn, without conducting any other business, the special meeting of shareholders scheduled to occur at 12:00 pm EDT on June 22, 2021 (the "Special Meeting"), to approve the proposed business combination (the "Transaction") involving MDC and Stagwell Media ("Stagwell").

The delay is intended to provide time for the MDC Special Committee, working with its independent financial and legal advisors, to evaluate the revised offer made by Stagwell on June 12, 2021, which proposed certain amendments to the transaction agreement entered into on December 21, 2020 (the "Transaction Agreement").  There can be no assurance that the revised Stagwell proposal will result in amendments to the Transaction Agreement or that the Transaction will be consummated on the terms set forth in the revised Stagwell proposal.

The new time and date for the Special Meeting is expected to be announced shortly.  The Company will extend the scheduled proxy cut-off time for the Special Meeting and accept proxies and voting instructions, including electronic voting, until 48 hours prior to the time of the rescheduled Special Meeting.

The timing of the annual general meeting of shareholders of MDC (the "Annual Meeting") is not impacted by the rescheduling of the Special Meeting.  The Annual Meeting will still be held virtually by live audio webcast at https://web.lumiagm.com/417438029 on Tuesday, June 22, 2021 at 12:30 p.m. (Eastern Daylight Time).

Posted In: MDCA