Third Point Addresses Sotheby’s Adoption of a Poison Pill – A Relic from the
NEW YORK -- October 4, 2013
Third Point is disappointed that Sotheby’s (NYSE:BID) Board of Directors has
trotted out the poison pill – a relic from the 1980’s – as its
disproportionate response to the valid concerns expressed in our October 2^nd
letter. Rather than address our well-documented citations of mismanagement and
initiate a constructive dialogue with its largest shareholder, the Board and
the CEO have attempted to further entrench themselves.
Third Point’s involvement does not pose a threat to either the Company or our
fellow shareholders, all of whom will benefit from our considerable efforts.
It is clear that today, the Chief Executive Officer and his hand-picked
directors have put their job security ahead of shareholders.
Given their personal interests and miniscule shareholdings of Sotheby's, the
Board’s actions – disenfranchising its owners who may wish to acquire a more
significant stake – come as no surprise. We hope this will be the Ruprecht
Board’s final snub to its shareholders. It would be unfortunate if they
instead refuse to undertake a fresh start until one is imposed upon them
during proxy season.
About Third Point LLC: Third Point LLC is an SEC-registered investment adviser
headquartered in New York. Third Point is Sotheby’s largest shareholder with a
9.3% stake in the Company’s outstanding shares. Founded in 1995, Third Point
follows an event-driven approach to investing globally. Third Point manages
assets for Third Point Reinsurance Limited (NYSE:TPRE) and Third Point
Offshore Investors Limited (LSE:TPOU LN), as well as its private funds.
Third Point LLC
Elissa Doyle, 212-715-4907
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