Deals
Sotheby's May Get Competing Offers to Drahi Deal, NYPost Reports
Sotheby's employees pose with a painting during a preview of the 'Impressionist and Modern Art' sale in London, on April 9, 2018.
Photographer: Dan Kitwood/Getty Images
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Sotheby’s shares gained after the New York Post reported that the auction house could get competing offers days after striking an agreement with billionaire Patrick Drahi to sell itself for $2.7 billion.
A group of wealthy New York-based art “afficianados” is forming to assemble a bid, the newspaper reported Friday, citing sources “close to the talks” that it didn’t identify. Hedge fund manager Alexander Klabin of Senator Investment Group is among those who have been approached to finance a competing offer, the paper said. Sotheby’s shares rose 4.2% to $58.92 in New York.