Sotheby's To Pay $300M Dividend To Answer Loeb Criticism

Law360, New York (January 29, 2014, 4:40 PM EST) -- Sotheby’s said Wednesday it will pay shareholders a special $300 million dividend and that it is considering a possible sale of its New York headquarters in an effort to stave off criticism from activist investor Dan Loeb.

The auction house revealed the results of a capital allocation and financial review on Wednesday initiated by the board of directors in September. As a result of the review, the auction said it will pay the special dividend, which will be distributed in March, and is also undergoing a $150 million...
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