Loeb's Third Point Gets Sotheby's Poison Pill Suit Fast-Tracked

By Matt Chiappardi (March 31, 2014, 8:37 PM EDT) -- A Delaware Chancery judge on Monday allowed Daniel Loeb's Third Point LLC to fast-track its lawsuit challenging a so-called poison pill adopted by Sotheby's board, ruling that the hedge fund had pled plausible claims the measure could impermissibly entrench the venerable auction house's directors in the boardroom.

During an emergency teleconference to expedite the proceedings, Vice Chancellor Donald F. Parsons Jr. agreed to allow a preliminary injunction hearing over the measure by the end of April, but did not go as far as granting Third Point's request for a full evidentiary trial on the merits before Sotheby's annual shareholders' meeting set...

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