Saturday, 1 August 2015
Last updated 1 day ago
Aug 27 2013 | 10:39am ET
Auction house Sotheby’s has been the target of activist hedge funds before—but now it has to deal with Dan Loeb.
Loeb’s Third Point announced a $156.7 million stake in the New York-based company, an interest of 5.7%. Third Point hasn’t announced its intentions, other than to say it plans to talk with the company about possible changes in both strategy and leadership, but it follows moves by Marcato Capital Management and Trian Fund Management, which have taken 6.6% and 3% stakes recently.
Third Point bought 500,000 shares of Sotheby’s in the first quarter and 2 million in the second.
Loeb is no stranger to Sotheby’s: He and his wife are major art collectors.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…