Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Loeb Sues Sotheby’s, Doesn’t Want to Choke on Poison Pill

March 25, 2014 by Marion Maneker

DANIEL-LOEB-IN

Things are hotting up between Daniel Loeb, his allies and Sotheby’s managment:

Mr. Loeb’s lawsuit says Sotheby’s so-called poison pill unfairly hampers his effort to shake up the company’s board. The pill limits investors like Third Point, who seek to influence boards, to smaller stakes than passive investors can acquire, a distinction that Mr. Loeb said “illegitimately tilts the playing field in the board’s favor.” […]

“The poison pill is not a reasonable corporate response to a takeover threat, but rather an improper attempt to thwart Third Point’s proxy contest and ensure that the current board members remain firmly entrenched,” Mr. Loeb said in his complaint, filed Tuesday in the Delaware Court of Chancery. The suit says he sought last week to boost his stake to 20% but was rejected.

Third Point’s Loeb Files Suit to Remove Sotheby’s Poison Pill (WSJ.com)

More from Art Market Monitor

  • Christie's NY Imp & Mod PreviewChristie's NY Imp & Mod Preview
  • FT Marvels at Contemporary Art's PersistenceFT Marvels at Contemporary Art's Persistence
  • MCH Buys Two-Thirds Stake in Masterpiece FairMCH Buys Two-Thirds Stake in Masterpiece Fair
  • How the Nahmads Play the Art MarketHow the Nahmads Play the Art Market
  • Will We Ever See $700m in Guarantees Again?Will We Ever See $700m in Guarantees Again?
  • The Advantages of Being OverlookedThe Advantages of Being Overlooked

Filed Under: General

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...