Sotheby's and Daniel Loeb on Monday ended their long-running battle and agreed to let the billionaire investor and two of his associates join the auction house's board.The decision was reached only hours before Sotheby's annual meeting on Tuesday and is seen as a big victory for Loeb's $14.3 billion hedge fund Third Point, the company's biggest shareholder.Loeb, a prominent art collector, will join the board which is growing to 15 members from 12. 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, will also join.For months, each side heaped criticism on the other with Loeb having complained about the company's high costs and Sotheby's saying that Loeb and his dissident board nominees would not bring relevant experience to the boardroom.
Sotheby?s is a global auctioneer of authenticated fine art, decorative art, and jewelry. Shares of BID traded higher by 1.82% or $0.79/share to $44.18. In the past year, the shares have traded as low as $34.10 and as high as $54.00. On average, 1369510 shares of BID exchange hands on a given day and today's volume is recorded at 1622777.
Source
