While the market was tanking Thursday (before recovering much of the loss), MDC Partners stock spiked 31% to $3.28 on word Accenture Interactive may acquire the company.
Adweek published an article reporting that Accenture was the "best bidder" among three finalists. This is the network's second attempt at a sale.
This potential deal likely includes the entire network, which encompasses more than 50 individual agencies, including Anomaly, Crispin Porter + Bogusky, Assembly and Forsman & Bodenfors. The holding company’s debt is steep at more than $1 billion.
Multiple agencies — including 72andSunny and Doner — have recently attempted to buy themselves back, only to have their offers rejected by the MDC board of directors. That supports the theory the company is only seeking an all-or-nothing deal, reports Adweek.
The final buyer would then go through a round of “pruning” to streamline the network, the trade mag suggest.
MDC has retained investment bank LionTree Advisors to oversee the process, assisted by JP Morgan Chase.
An MDC Partners spokesperson declined to comment at this time.