Sunday, 3 May 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…