Dan Loeb's hedge fund firm Third Point revealed in an amended 13D filing that they're seeking 3 board seats at Sotheby's (BID). You'll recall that Third Point initiated an activist stake in BID last year and pushed for corporate change. Third Point now owns over 9.5% of the company with 6.55 million shares.
While they're pleased the company announced it will return $450 million to shareholders via buyback and dividends, Loeb seeks to nominate himself, Harry Wilson, and Olivier Reza to the board.
The company has agreed that Loeb would be an "appropriate member" but Third Point also wants more representation. Third Point also outlined other thoughts on the company which you can read here.
Other activists have also been involved in this stock, including Mick McGuire's Marcato Capital Management.
If you want to play catch up on the thesis, we analyzed Sotheby's in the Q3 2013 issue of our Hedge Fund Wisdom premium publication (not to mention, a brand new issue was just released).
Friday, February 28, 2014
Third Point Seeks Sotheby's Board Seats
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