Seeking Alpha

Loeb nominates three directors to Sotheby's board, including himself

  • Dan Loeb is officially waging a proxy fight against Sotheby's (BID -1%): The activist investor has nominated himself to the auction house's board, along with restructuring expert Harry Wilson (a veteran of Loeb's Yahoo campaign) and ex-banker Olivier Reza.
  • Sotheby's, under pressure from Loeb's Third Point and other activist firms, announced a special dividend and $150M buyback last month. Prior to that, the company adopted a poison pill.
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