Loeb Legal Team Says Sothebys Shows "Disdain" In Poison Pill Bid

Mark Melin

Published onMarch 25, 2014

Updated on May 13, 2021

Activist hedge fund Third Point is suing auction house Sothebys (NYSE:BID) over its adoption of a poison pill provision that would prevent passive investors from purchasing more than 20% of the company.

Table of Contents

Third point blocked from holding 20%

Third Point currently owns 9.6% of the firm and is engaged in what is becoming a rather aggressive takeover battle. Third Point said Sothebys (NYSE:BID) refused to amend the terms of its plan so the hedge fund could boost its stake to 20%, which led to the lawsuit.

Sothebys board expresses “unanimous support” for CEO

Responding...

Login required to continue reading.

Setup a free account to get access to this article (no credit card required).

View Full Article

Already a member? Log in here

Mark Melin

Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.

Loeb Legal Team Says Sothebys Shows "Disdain" In Poison Pill Bid

Third point blocked from holding 20%

Sothebys board expresses “unanimous support” for CEO

Login required to continue reading.

Get Your Business News