Third Point’s proxy battle to gain three board seats at Sothebys (NYSE:BID) gains support from activist hedge fund firm Marcato Capital Management LLC.
Sothebys (NYSE:BID)’s earlier promise to return $450 million to shareholders failed to appease activist investors.
Third Point’s proxy war
In its regulatory filing with the Securities and Exchange Commission last month, activist hedge fund Third Point LLC revealed its stepped-up fight against Sothebys (NYSE:BID) by nominating three executives including its founder and chief executive officer Dan Loeb to the board of the international auction company.
The two other executives nominated by Third Point were Harry Wilson, the chairman and CEO...
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