Deals
Artnet Founder Wards Off Hostile Takeover by Redline
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Artnet AG founder Hans Neuendorf and his son Chief Executive Officer Jacob Pabst fended off a hostile takeover bid for the art-market-data provider from Luxembourg-based Redline Capital Management SA.
In an annual general meeting yesterday that stretched until midnight, shareholders backed the management’s proposals, approving changes to the company statutes that strengthen Neuendorf’s position in defending Artnet from takeover bids, the company said in a statement sent by e-mail. The shares fell as much as 12 percent today, decreasing the company’s value to 24.4 million euros ($30 million).