logo
  

MDC Partners Receives Revised Offer From Stagwell

MDC Partners Inc. (MDCA) said that it has received a revised offer from Stagwell Media LP for the business combination transaction between the company and Stagwell.

MDC noted that its special committee is evaluating the revised Stagwell proposal which included a decrease in the share consideration that Stagwell would receive in the Transaction to 185 million common shares, a reduction of about 31 million common shares from the 216.25 million common shares agreed to in the transaction agreement entered into on December 21, 2020.

The result of the proposed change in share consideration is that, on a pro forma basis, the existing MDC common shareholders would own about 30% of the common equity of the combined company.

The revised Stagwell proposal also included that each of Stagwell and Goldman Sachs & Co. LLC would forego accretion under the terms of their respective preferred shares in the combined company for a period of one year following the closing of the Transaction, and the Stagwell Net Debt Cap would be increased by $25 million, from $260 million to $285 million.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Drug major Pfizer has again expanded the earlier two recalls of its anti-smoking Drug Chantix (Varenicline) in the form of tablets, to now include all the lots, for the potential presence of nitrosamine impurity, N-Nitroso- varenicline, at or above the FDA interim acceptable intake limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Department store chain Sears is closing down its last store located in its home state of Illinois, CNBC reported. The company, which was founded in Chicago in 1892, plans to shut the shop, located in Simon Property Group's Woodfield Mall, on November 14. Sears' parent company, Transformco, which also manages the real estate, said it plans to maximize the value of the Woodfield Mall property and Amazon said over 1 million people have applied for a job at the tech major as part of its Career Day 2021. Job seekers from more than 170 countries have participated in the virtual event. In addition, more than 2,000 Amazon recruiters offered 30,000 individual career coaching sessions with participants in a single day.
Follow RTT