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Sotheby's Reimburses $10M to Dan Loeb

May 07, 2014
Jing Chen

Auction house Sotheby’s is playing nice with hedge fund manager Dan Loeb after a long-running battle.

The New York Times reported that Sotheby’s told investors that it is planning to pay Loeb, whose New York-based Third Point owns a 9.53% stake in the auction house, $10 million to reimburse him for his troubles.

Earlier this week, Sotheby’s agreed to let Loeb and his two associates join its board after previously denying the nominees, claiming that the members “add no relevant expertise not already represented on the board of directors.”

The auction house also said that it had spent $5.7 million to deal with shareholder activism and a long proxy battle with Third Point, increasing its expenses by nearly a quarter for the first three months of 2014.

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. 

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