Loeb’s Third Point Loses Bid for Delay of Sotheby’s Meeting
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Dan Loeb’s Third Point LLC lost its bid to delay Sotheby’s annual meeting so a judge could scrutinize the effect of an anti-takeover defense on the fund’s effort to win seats on the auction house’s board.
Delaware Chancery Court Judge Donald Parsons ruled yesterday that the company’s May 6 investor meeting can go ahead as planned, rejecting Third Point’s bid to stave off the event until claims the company is misusing its poison-pill defense can be heard at trial. Parsons said he turned down the bid for an temporary injunction because it’s unlikely Loeb will win his argument.