Sotheby’s and Third Point Reach Agreement, Place Daniel Loeb’s Nominees on Expanded Board

May 6th, 2014

Sotheby's New York, via NYTFollowing Daniel Loeb’s defeat in court last week, Sotheby’s and his company Third Point LLC  seem to have reached an agreement, with the auction house agreeing to add his three nominees to an expanded, 15-person board of directors, while allowing him a 15%  stake in the company.  “This agreement ensures that our focus is on the business and that we will benefit from five fresh voices and viewpoints,” says Sotheby’s head Bill Ruprecht.

Read more at New York Times