Pursuits
Sotheby’s Ends Fight With Third Point as Loeb Joins Board
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Sotheby’s agreed to appoint Third Point LLC founder Dan Loeb and two of his candidates to its board of directors, ending a bitter proxy fight between the auction house and its largest shareholder.
Sotheby’s and Loeb’s hedge-fund firm said in a joint statement today that Loeb and his two nominees, Olivier Reza and Harry J. Wilson, are joining the board. Sotheby’s annual shareholder meeting, set for tomorrow, will be rescheduled for later this month. The parties also agreed to cap Third Point’s stake in the company, currently at 9.6 percent, at 15 percent.