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Stock Market & Financial Investment News

News Breaks
April 25, 2014
08:33 EDTBIDSotheby's to mail letter to shareholders, again urges vote for director nominees
Sotheby's announced that it is mailing a letter to its shareholders in connection with the upcoming 2014 Annual Meeting, highlighting its beliefs that Sotheby's continues to deliver strong financial performance and superior value creation; Sotheby's preliminary results for Q1 demonstrate successful execution; Mr. Loeb has offered no strategy to create value and has made no case that change is warranted at Sotheby's; and Loeb's pattern of disruptive behavior has negatively impacted Sotheby's business and relationships.
News For BID From The Last 14 Days
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February 20, 2015
17:50 EDTBIDSotheby's to deter capital allocation decisions until new CEO selected
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14:30 EDTBIDMarcato filing confirms request for Sotheby's buyback, potential CFO search
Marcato Capital Management reported a 9.53% stake in Sotheby's and disclosed in a regulatory filing that it sent a letter to the company's board. In its letter, Marcato states: "In the 18 months since Marcato’s initial investment in Sotheby’s, we have outlined numerous opportunities both publicly and privately for Sotheby’s to use its capital more intelligently to create shareholder value. Despite our dialogue with you and other members of the board, a substantial portion of Sotheby’s invested capital continues to earn a poor return or worse yet, earns no return at all...We submit that any new CEO’s first order of business may need to include the recruitment of a new CFO who will serve the interests of shareholders rather than defend misguided policies of the past...Today, we present a specific and straightforward roadmap that we believe can immediately release $12.33 per share without materially affecting the company’s continued earnings power. With this increased flexibility, we recommend the immediate repurchase of $500M of Sotheby’s shares...As one of Sotheby’s largest shareholders, we also look forward to a thorough discussion with its new CEO regarding the importance of intelligent capital allocation in creating value for shareholders."
10:13 EDTBIDMarcato sends letter to Sotheby's board, CNBC's Kelly reports
Richard McGuire's Marcato Capital Management sent a letter to the board of Sotheby's, which now includes Third Point's Dan Loeb, pressuring for a CFO change and more leadership, CNBC's Kate Kelly reports. Shares of the auction house moved higher following the report and are up 11c to $44.11 in early trading.
10:08 EDTBIDMarcato applying activist pressure to Sotheby's, CNBC's Kelly reports
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February 18, 2015
18:06 EDTBIDSotheby's acquires 25% interest ownership interest in RM Auctions
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February 17, 2015
10:00 EDTBIDOn The Fly: Analyst Downgrade Summary
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06:17 EDTBIDSotheby's downgraded to Market Perform from Outperform at Cowen
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February 13, 2015
08:12 EDTBIDSotheby's will not return captial to holders 'at this time'
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