Sotheby's Reaches Deal With Activist Investor Loeb
Auction house Sotheby's says it agreed to expand its board to add directors from activist investor Daniel Loeb's slate.
Sotheby's will add Loeb, CEO of hedge fund Third Point, as well as former investment banker Olivier Reza and restructuring expert Harry J. Wilson to its slate of directors up for election at its annual shareholder meeting later this month.
Third Point is Sotheby's largest shareholder with a 9.6 percent stake.
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