The meeting is set for June 22. Both the MDC board and a special committee that oversaw due diligence on the merger, which was proposed by Stagwell a year ago recommend voting in favor of the deal.
Last week Massachusetts sued Publicis Health for contributing to the opioid epidemic with deceptive marketing practices on behalf of Purdue Pharma.
MDC and Stagwell have been collaborating on products for PR, influencer marketing and advertising that could be spun off to create more value for shareholders, Penn said on an earnings call this week.
WPP's new 'Cloud Studio' sits on Microsoft's cloud platform Azure where eventually 25,000 staffers will collaborate on creative work.
The company is preparing a $500 million bond offering and is also putting the final touches a on major brand overhaul.
It's called Dentsu Ventures Fund II and will invest in startups at various stages. It will operate for a 10-year period and has more than $90 million to disperse.