Daniel Loeb released his case for the upcoming board fight for Sotheby’s last night. Among the tactical moves is a shift to opposing two current board members and one of the management’s new nominees: (as seen above) Robert A. Taubman, Jessica M. Bibliowicz and Danny Meyer.
In this case, we believe that three is the right number given the total size of the Sotheby’s Board (12 directors), the number of committees on the Board, and the specific challenges faced by the Company. Furthermore, three directors has proven to be effective for Third Point in the past, e.g., three Third Point nominees were elected to the Yahoo! Board
The BID nominees we oppose (Robert A. Taubman, Daniel Meyer, and Jessica M. Bibliowicz), collectively, have limited share ownership and qualifications that do not appear to add value for Sotheby’s shareholders
The switch shifts the debate from being our slate versus their slate while still trying to gain enough influence on the board.
Read the rest of the presentation here: Third Point Sotheby’s Presentation
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