Beleaguered advertising holding company MDC Partners, which is mulling a sale and searching for a new CEO, has set a June date for a combined annual and special meeting of shareholders. The move follows one of its major shareholders earlier this month announcing its intention to call a special meeting to replace three current MDC board members with new ones.FrontFour Capital Group sent a letter to MDC on Dec. 31 announcing it had become clear to the shareholder that it and MDC had “reached an impasse.” The letter said FrontFour leaders were left with no choice but to requisition a special meeting of shareholders to be held no later than March 29. It is also agitating to replace three board members, including MDC’s recently departed CEO Scott Kauffman, with new ones.In a statement issued today, MDC said it has set the combined annual and special meeting of shareholders for June 4 in response to a requisition by FrontFour.
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Source: Ad Age – News
