Deals
Sotheby’s Takeover by Drahi Wins Support From Advisory Firm
- ISS says the $2.7 billion deal offers a sizable premium
- The firm says no other offers have emerged for auction house
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French media mogul Patrick Drahi’s plan to acquire Sotheby’s received a boost with a prominent shareholder advisory firm coming out in support of the deal.
Institutional Shareholder Services Inc. urged investors to support the $2.7 billion takeover of the auction house by Drahi’s BidFair USA LLC. The advisory firm argued the offer comes at a substantial premium and that no other bids have emerged since the deal was announced in June, despite speculation that others may be interested.