The agency group, part of Vivendi, posted a 0.8% organic net revenue decline for the period. The shortfall in North America was 1.6%.
The incumbent was Empower, which just picked up the U.S. media AOR for Newell Brands.
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.
CEO Mark Penn had total comp from MDC last year of $1,795, 681, down sharply from his 2019 paycheck of $4,913,405.
In its latest annual report, out this week, the company said the awards would lapse without being paid as a result of Sorrell's "disclosure of confidential information" while he was still with the company. Legal action could ensue.