Sotheby's has issued a response and its own presentation to the recent investor presentation by activist investor Daniel Loeb and his hedge fund Third Point. Third Point is the investor group trying to gain control over the future direction and leadership at the auction house. Sothbey's is fighting back against the Third Point investor presentation and accusations.
Click HERE to view the full Sotheby's presentation and response.
In short, Sotheby's states
Source: Sotheby'sHighlights of the presentation include:
• Sotheby’s has consistently delivered strong, long-term performance and is executing a clear strategy to drive continued growth and profitability;
• Sotheby’s maintains a strong leadership position within the art market and continues to invest in areas exhibiting substantial growth and potential for attractive returns;
• Sotheby’s Board and management remain keenly focused on expense management and have effectively managed the capital needs of a growing and cyclical business with prudent fiscal discipline;
• We believe Mr. Loeb does not possess the long-term focus necessary to drive value for ALL Sotheby’s shareholders; and
• Sotheby’s Board and management are steadfast in their commitment to strong corporate governance and shareholder stewardship.
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