Collecting
Sotheby’s Investors Sue to Block $2.7 Billion BidFair Offer
- Patrick Drahi’s firm agreed in June to take Sotheby’s private
- Sharholders claim Sotheby’s failed to profide full disclosures
Two Sotheby’s shareholders are asking a New York judge to block the planned $2.7 billion purchase of the auction house by French telecom titan and art collector Patrick Drahi’s BidFair USA.
The investors filed lawsuits this week in federal court in Manhattan claiming incomplete and misleading disclosures about the deal. They’re seeking to block the companies from going forward with the transaction at least until there are further disclosures, and they’ve asked for unspecified damages.