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Marcato Supports Third Point's Proxy Battle Against Auction House

Mar 05, 2014
Jing Chen

Activist hedge fund firm Marcato Capital Management is planning vote in support of Third Point’s nominees for auction house Sotheby’s board.

Bloomberg reported that Marcato, which owns 6.6% of Sotheby’s shares, agreed with New York-based Third Point that more capital should be returned to shareholders claiming that there is more than $1 billion in excess cash in the auction house’s balance sheet.

Third Point, which owns a 9.53% stake in Sotheby’s, is slated to nominate founder and CEO Dan Loeb, restructuring expert Harry Wilson and former investment banker Olivier Reza to Sotheby’s board. Loeb criticized Sotheby’s for failing to make significant changes to the company, especially its decision to put in a poison pill to itself from shareholders.

San Francisco-based Marcato was launched in 2010 by former Pershing Square Capital Management employee Mick McGuire with seed capital from Blackstone Group.

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