Third Point’s Daniel Loeb Taking the Fight to Sotheby’s Board in Annual Meeting Showdown

April 18th, 2014
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In an SEC filing, Daniel Loeb, the contentious, activist hedge fund manager of Third Point LLC, defended his claims that Sotheby’s board of directors is failing in its stewardship of the 270-year old auction house. As reported by Reuters, Mr. Loeb, who led a similar and successful assault on the board of Yahoo in 2012, now finds himself countering claims by Sotheby’s that he lacks the necessary art world experience to make such an assessment.

A prolific art collector himself, Daniel Loeb has engaged in art philanthropy and exchanges with some of world’s top art museums. In a response to a recent attempt by Sotheby’s to fend off activist investors by adopting a poison pill, Daniel Loeb increased his stake to just under the 10 percent limit, and has filed a suit to force Sotheby’s to remove it.

The stage is now set for a final proxy fight to take place at Sotheby’s May 6 annual meeting in which Daniel Loeb seeks three seats on the board of directors.
For Detailed Investor Profiles on these Investors, click below:
Third Point Management Company
Related People: Daniel Loeb; James L. Carruthers*; Munib Islam; Robert Schwartz; Tim Lash
Related Entities: Third Point LLC; Third Point Opportunities Master Fund LP; Third Point Resources LP; Third Point Ultra Master Fund LP; Third Point Ventures
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles; Investment Management and Hedge Fund Firm Mergers, Acquisitions, Spin-offs and Transactions

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