Tuesday, 21 February 2017
Last updated 9 min 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.