Thursday, 21 August 2014
Last updated 13 hours ago
Jan 29 2014 | 12:02pm ET
Sotheby's has offered an rich olive branch to the activist hedge funds seeking to shake up the staid auction house.
Sotheby's said today that it would pay out a special dividend and open a share buyback program, returning $450 million to shareholders. It also pledged to split its agency and financial services businesses.
The move comes four months after Third Point demanded the resignation of Sotheby's CEO William Ruprecht, among other major changes designed to improve returns for shareholders. Third Point's call was echoed by Marcato Capital Management, which today dismissed the moves.
"Sotheby's can and should return a total of $1 billion of capital to shareholders within 12 months," it said. Third point did not comment on the Sotheby's plan.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note