Friday, 27 November 2015
Last updated 1 day ago
Feb 28 2014 | 10:46am ET
Third Point has launched a proxy battle with auction house Sotheby’s, which the activist hedge fund has called “an Old Master painting in desperate need of restoration.”
The New York-based firm nominated founder Daniel Loeb and two others to Sotheby’s board. Third Point said yesterday that the company needed “new blood and fresh views” and a shakeup of its “entrenched” board.
The move comes four months after Loeb demanded a seat on the Sotheby’s board and the ouster of CEO William Ruprecht, who he accused of a “lack of leadership and strategic vision.” Third Point owns a 9.5% stake in Sotheby’s.
In addition to board representation and a new CEO, Loeb called on Sotheby’s to improve its “chronically weak operating margins” and to focus more on modern and contemporary art.
Sotheby’s, which yesterday announced a 37% increase in fourth-quarter profit, said it was disappointed by Loeb’s move.
“Third Point’s actions are particularly unfortunate given the efforts that Sotheby’s has made to reach an agreement with Mr. Loeb,” it said.
In addition to Loeb, Third Point has nominated Maeva Group CEO Harry Wilson and jewelry executive Olivier Reza.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…