Sunday, 1 February 2015
Last updated 1 day ago
Mar 7 2014 | 3:05am ET
Third Point’s proxy battle against Sotheby’s has won the backing of another hedge fund critical of the auction house.
Marcato Capital Management plans to support Third Point’s three nominees to the Sotheby’s board, including Third Point founder Daniel Loeb, Bloomberg News reports. The hedge funds own more than 16% of Sotheby’s shares.
Both Marcato and Third Point have called on Sotheby’s to bolster its share price and return capital to shareholders. Marcato has focused on Sotheby’s real estate holdings, while Third Point is seeking the ouster of CEO William Ruprecht.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…