Benzinga | Jun 8, 2021 05:01PM EDT

Indaba Capital Issues Letter To Mark Penn, Managing Partner Of Stagwell And Chairman And CEO Of MDC

Believes Stagwell's Revised Proposal to MDC Shareholders Fails to Provide Sufficient Consideration

Expresses Concern Regarding the Overlap and Interlocks Between Mr. Penn and Stagwell's Proposed Directors for the Newly-Combined Company

Urges Stagwell to Engage in a Good Faith Dialogue With Indaba to Reach Fair and Reasonable Terms

Reiterates Intent to Vote AGAINST the Stagwell-MDC Deal Under Current Terms

Indaba Capital Management L.P. (together with its affiliates, "Indaba" or "we"), which is the largest independent shareholder of MDC Partners Inc. (NASDAQ:MDCA) ("MDC" or the "Company"), today issued the below open letter to Chairman and Chief Executive Officer Mark Penn regarding the Company's prospective merger with Stagwell Media LP ("Stagwell"). In addition, Indaba has issued a presentation outlining why it opposes the merger on its current terms and plans to vote against the transaction.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210608006106/en/