Hedge fund manager Dan Loeb and auction house Sotheby’s have decided to put their battle to rest on Monday.
Reuters reported that Sotheby’s has agreed to let Dan Loeb, whose New York-based Third Point owns a 9.53% stake in the auction house, and two of his associates join the auction house’s board. The other two board members include Harry Wilson, a restructuring expert who sat on the board of Yahoo Inc. with Loeb, and Olivier Reza, a former investment banker and jewelry expert.
Sotheby’s previously rejected Loeb’s nominees to its board claiming that the members “add no relevant expertise not already represented on the board of directors.” In response, Loeb sued Sotheby’s last month to remove a poison pill that has prevented his firm from purchasing more of the company’s shares. Third Point will now be able to purchase up to a 15% stake in Sotheby’s.
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.