Loeb Wins Key Ally In Sotheby's Battle

Daniel Loeb may have won a contested endorsement in his bid to shake up the staid Sotheby's (NYSE:BID) board of directors after launching a well-defined marketing campaign.

Institutional Shareholder Services backs Loeb after Sotheby’s courted them

The well-regarded proxy advisor Institutional Shareholder Services, utilized by small and mid-sized institutional investors, said on Thursday that it was backing the Loeb bid after being actively courted by Sotheby's (NYSE:BID).  “The dissidents have laid out a series of broad questions they believe the board is not, but should begin, taking up,” the ISS report said.  “There is credible reason to believe their larger criticism...