Activist Loeb Takes $156M Stake In Sotheby's

By Liz Hoffman (August 27, 2013, 3:03 PM EDT) -- Shaking off his recent brush-off from Sony Corp., activist investor Daniel Loeb disclosed a large stake in Sotheby's on Monday, but remained coy about his plans for the auction house.

Loeb's hedge fund Third Point LLC is now one of Sotheby's biggest stockholders with a 5.7 percent stake valued at $156 million, according to a regulatory filing. It joins two other funds, Nelson Peltz's Trian Fund Management LP and Marcato Capital Management LLC, run by former Bill Ackman protege Mick McGuire. Together, the three investors hold about 15.3 percent.

The stake purchase thrust Sotheby's into the spotlight, igniting market chatter that...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!