Thursday, 31 July 2014
Last updated 1 hour 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…