Last month the MDC Partners board of directors formed a special committee of independent directors led Irwin Simon to review a proposal made by Stagwell Media to merge with MDC.
Now that special committee has hired Moelis & Company LLC and DLA Piper LLP (U.S.) as its independent financial and legal advisors, respectively.
“We will act in the best interests of the company and our shareholders as we evaluate the potential transaction, as well as any alternatives that may become available to the Company," Stated Simon.
Both Stagwell and MDC are led by Mark Penn, who founded Stagwell in 2015. Last year he invested $100 million in MDC Partners and joined the company as CEO.
According to Stagwell the combined entity would have generated over $2 billion in net revenue in 2019.
J.P. Morgan is acting as exclusive financial advisor and Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Stagwell regarding the proposed merger.