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,...

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!

TRY LAW360 FREE FOR SEVEN DAYS

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!