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January 29, 2014
08:46 EDTBIDMarcato says Sotheby's can 'comfortably' return more capital to shareholders
Marcato Capital Management , who owns 6.6% of the common shares outstanding of Sotheby’s, issued the following statement from Mick McGuire, Founder and Managing Partner of Marcato. McGuire said “Today's announcement is a modest step in the right direction, but Sotheby’s can comfortably return more capital to shareholders and do it more quickly than under its proposed plan. Sotheby’s can and should return a total of $1B of capital to shareholders within 12 months using the earnings generated in 2013 and 2014, excess cash on the balance sheet, and capital released from appropriate financing of its Financial Services business and its real estate. Sotheby’s can return this capital to shareholders and still maintain more than adequate liquidity to meet its long-term strategic objectives. We encourage our fellow shareholders to continue to press this Board and management team to act urgently and return significant additional capital in 2014.”
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April 21, 2014
12:57 EDTBIDThird Point urges Sotheby's shareholders to support director nominees
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April 17, 2014
13:47 EDTBIDSotheby's issues presentation refuting Third Point's claims
Sotheby's issued an investor update presentation refuting claims made by Dan Loeb's Third Point, which holds a considerable stake in the company and is seeking to place members on the company's board, among other things. Sotheby's said, in part, that it has, "consistently delivered strong, long-term performance and is executing a clear strategy to drive continued growth and profitability." The company said that its FY13 revenue grew 11% with earnings growing 20%, and the company notes that Loeb has said the company did not have a strong FY13. Sotheby's said that it does not believe Loeb possesses the long-term focus necessary to drive value for all shareholders of the company. Shares of Sotheby's are unchanged in afternoon trade. Reference Link
April 15, 2014
07:38 EDTBIDLoeb says Sotheby's accusations 'misleading,' Reuters says
Activist investor Daniel Loeb, who is fighting to gain control of three board seats at Sotheby's, increased tension by saying that the current board has failed and that its accusations on him are "false" and "misleading," according to Reuters, citing comments from Loeb. Reference Link
April 9, 2014
12:43 EDTBIDThird Point launches
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06:37 EDTBIDSotheby's says Loeb slate 'adds no incremental relevant expertise'
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