The campaign season is heating up. No, not the midterm Congressional elections. This is the campaign for shareholder mindshare as activist hedge funds challenge their often entrenched board of directors to become more aggressive in enhancing return.
The latest campaign salvo came from activist investor Daniel Loeb in Third Point’s mailing campaign targeting Sotheby's (NYSE:BID) shareholders. The mailer headline encourages stockholders to “Vote the White Proxy Card Today!” for Loeb's slate of candidates.
The mailer provided a direct comparison between...