Third Point Asks Judge To Delay Sotheby's Annual Meeting

By Jamie Santo (April 29, 2014, 10:00 PM EDT) -- Hedge fund Third Point LLC asked a Delaware Chancery judge Tuesday to postpone Sotheby's upcoming shareholder meeting, saying the auction house is improperly using a poison pill to thwart activist investor Daniel Loeb's proxy fight for three board seats.

At a hearing in Wilmington, counsel for Third Point argued that the poison pill capping its Sotheby's stake at 10 percent is specifically designed to stymie Loeb's campaign to elect himself and two other chosen candidates to the 12-member board, rather than prevent a creeping takeover.

Third Point, which launched a suit in Chancery Court on March 25 challenging the poison pill,...

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