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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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From: 2MAR$2/28/2014 10:03:36 PM
   of 18998
 
: Third Point responds to Sotheby's conclusion of Loeb's 'appropriateness'
In a press release Third Point said: "Today, Sotheby’s shared its conclusion that Daniel S. Loeb would be an appropriate member of the company’s Board of Directors. The company also constructively acknowledged Mr. Loeb’s contributions to improving Sotheby’s condition over the past six months and the positive impact his insights have had on increasing value for shareholders. Third Point shares Sotheby’s belief that having Mr. Loeb on its board would benefit the company and its owners. In addition to Mr. Loeb, we have also nominated two other Directors who are qualified experts in areas where the Board currently lacks much-needed depth. Based on Third Point’s experience, a sole voice representing shareholder’s interests in the Boardroom will not be sufficient to bring about necessary change at Sotheby’s. For that reason, Third Point has consistently adhered to its request for numerous board seats. The company was always well aware of Third Point’s insistence on multiple seats, and so its offer of a single seat was not, in our opinion, a serious attempt to forge a settlement that would avoid a proxy contest. As Sotheby’s acknowledged today, incorporating and listening to new ideas from its owners has increased shareholder value over the past six months. With that conclusion in mind, we look forward to continuing to work constructively with Sotheby’s towards a newly reconstituted Board
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