Daniel Loeb claims Sotheby's 'record' is misleading
Wednesday 16 April 2014
Activist investor Daniel Loeb took another swipe at Sotheby’s this week and claimed attacks on him are “false” and “misleading”.
Mr Loeb’s Third Point has built up a 9.6 per cent stake in Sotheby’s and is now its biggest investor. He has been agitating for change and wants to install three of his own people on its board – including himself. Last week Sotheby’s issued a defence and said Mr Loeb would be a "disruptive director" and is only interested in the short-term gains for himself.
But now Mr Loeb has retaliated and said Sotheby’s "management's claim that 2013 was a 'record' year is misleading” and the board is “asleep at the switch." He said earnings per share fell by 42 per cent between 2007 and 2013 and argued Sotheby’s criticism of his investment in Yahoo! was “disingenuous” and failed to “reference the benefits he brought to all Yahoo! shareholders.”
Both Sotheby's and Loeb are attempting to win shareholder support ahead of the annual meeting of the 270-year-old auction house on May 6.
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