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...

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