Mick McGuire, Marcato Capital
: In an amended 13D filing with the SEC a couple minutes ago, hedge fund manager Mick McGuire
reported that he still holds a 6.68% stake in Sotheby's (NYSE:BID
). McGuire initially established the position on July 30th, and since then, shares of the stock are up 20.8%. With activist Dan Loeb
's recent attack on the company
, McGuire's position hasn't gotten the attention it deserves. Here's a look at his recent presentation on another interesting stock
Sotheby's has been on investors' collective radar recently because of Loeb's boost earlier this week, and his scathing letter to the company's CEO calling for him to step down. Today, the auction house adopted the so-called "poison pill," or the shareholder rights plan, as a defense against large investors.
The rights will be applicable only in case a person or group purchases over 10% of the stock, or 20% in a 13G filing.
“This action is designed to protect the interests of all of our shareholders. We look forward to continuing to engage in constructive dialogue with our investors regarding our plans for the business, our comprehensive capital allocation and financial review currently underway, and avenues for enhancing and delivering value to our shareholders. Thanks to our exceptional staff, we have truly spectacular property lined up for sale this season and look forward to delivering outstanding results for our clients," Sotheby's CEO and Chairman Bill Ruprecht
said in a statement.
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