Arab Today, arab today activist loeb sues sotheby\s board
Last Updated : GMT 20:08:17
Arab Today, arab today
Arab Today, arab today

Activist Loeb sues Sotheby\'s board

Arab Today, arab today

Arab Today, arab today Activist Loeb sues Sotheby\'s board

New York - AFP

Activist investor Dan Loeb sued the directors of auction house Sotheby's on Tuesday, aiming to force the removal of poison pill protections that prevent his getting seats on the board. Loeb, Sotheby's largest shareholder since he mounted an attack on the company last year to force reforms, asked a Delaware court to decide whether a board can put up barriers to protect itself from a shareholder seeking board representation. Loeb's hedge fund Third Point holds 9.6 percent of Sotheby's, but has been prevented from building a larger stake by the board's defensive action last October. It instituted a plan for a huge issue of share purchase rights to all shareholders if any one breaches the 10 percent level. The poison pill plan would effectively make it extremely expensive for Loeb to build his power in the company and protect the board. Loeb's suit called it "illegal" and asked the court to overrule it, saying his intention is only to gain seats on the board to change management policies. "At no time has Third Point had any desire to take control of Sotheby's to remedy these problems," the suit said. “By adopting a poison pill without any threat of a takeover, the Sotheby's board showed its disdain for shareholders and accountability and proved that its goal continues to be entrenchment over the interests of its owners," said Loeb's attorney Tariq Mundiya of Willkie Farr & Gallagher LLP. Loeb last year attacked the board for wasteful spending on themselves and a poor competitive position against rival high-end art auctioneer Christies'. In January, the board bowed to some of the pressure, announcing a $300 million special dividend, a $150 million share buyback, restructuring of operations and possible property sales.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today activist loeb sues sotheby\s board Arab Today, arab today activist loeb sues sotheby\s board

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday