Thursday, 24 July 2014
Last updated 9 hours ago
Oct 4 2013 | 11:01am ET
Sotheby's today responded to the blistering letter it received this week from Third Point's Daniel Loeb, adopting a poison pill that will keep the hedge fund from boosting its stake in the auction house much further.
The shareholder-rights plan will effectively prevent any non-passive investor from buying more than 10% of Sotheby's shares. Third Point is the company's largest shareholder with a 9.3% stake.
In a letter to Sotheby's CEO William Ruprecht this week, Loeb, a major art collector and Sotheby's client, demanded Ruprecht's departure and a seat on the company's board, decrying what he called a "lack of leadership and strategic vision at its highest levels," its "chronically weak operating margins and deteriorating competitive position" and "dysfunctional division and a fractured culture."
Sotheby's called Loeb's criticisms "incendiary and baseless."
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…