Sotheby’s has come to its defense against hedge fund manager Dan Loeb, who launched a legal battle against the auction house last month.
Reuters reported that Sotheby’s published a 53-page slide deck on Tuesday that refuted Loeb’s claims of poor management and also retorted that the shares of companies that the hedge fund manager was on the board of in the past underperformed the market.
Loeb, whose New York-based Third Point owns a 9.53% stake in the auction house, sued Sotheby’s last month to remove a poison pill that has prevented his firm from purchasing more of the company’s shares. Prior to that, the auction house rejected Loeb’s nominees to its board claiming that the members “add no relevant expertise not already represented on the board of directors.”
Loeb is not a stranger to proxy battles, as he won a huge victory against Yahoo in 2012.
Third Point manages about $14 billion in assets.