Third Point Upps its Stake In Sothebys (BID); Nominates Directors to the Board

Dan Loeb’s Third Point, has raised its stake in Sothebys (NYSE:BID), as revealed in a new filing with the Security and Exchange Commission. The fund now owns around 6.7 million, which is equal to 9.6% of the common stock. Previously, Third Point disclosed ownership of around 6.6 million shares of Sothebys.

The fund also disclosed that Harry J. Wilson and Olivier Reza have been nominated for election to the company’s board at the 2014 annual meeting of stockholders

Third Point

Mr. Loeb beneficially owns 6.7 million shares and Mr. Wilson owns 15,000 shares of common stock of Sothebys (NYSE:BID). Both of them have earlier served on the board of Yahoo! Inc. (NASDAQ:YHOO) from May 2012 until July 2013, during their tenure the share price gained 91%, yielding a $16 billion of value to the company’s shareholders.

Mr. Loeb became an activist investor on Sothebys (NYSE:BID) in October, 2013. At that time the fund had upped its stake to 6.4 million shares, from 3.9 million, following which Sothebys adopted a ‘poison pill’ to prevent certain shareholders from gaining control on the company.

In October, the fund had also sent a letter to William F. Ruprecht, the CEO, Chairman and President of Sothebys, expressing its concern regarding the company’s strategic direction and leadership. Mr. Loeb pointed about the company’s weak operating margins and a competitive disadvantage in front of its auction house peer Christie’s.

This week, Bruno Vinciguerra, an executive vice president & COO at Sothebys (NYSE:BID), sold 15,701 shares and currently owns some 34,000 shares of the company.

Yesterday, the company announced the nomination of Jessica Bibliowicz, former Chairman and CEO of National Financial Partners Corp. (NFP), and Kevin C. Conroy, President of Digital and Enterprise Development for Univision Communications Inc to its Board at the company’s 2014 annual meeting.

In addition to Third Point, other hedge funds that have been bullish on the company, according to our database include Richard Mcguire’s Marcato Capital Management, which held around 4.6 million shares; followed by York Capital Management, led by James Dinan, with an ownership of some 3.0 million shares.

Third Point has invested a major chunk of its portfolio in Technology, Basic Materials, Services and Consumer Goods. The fund has 6.6% of its equity portfolio in American International Group Inc (NYSE:AIG), of which it owns 7.5 million shares, followed by FedEx Corporation (NYSE:FDX), with a stake of 2.5 million shares worth $359.4 million.

Disclosure: none

Recommended Readings:

Dan Loeb and Third Point Nominate Three Directors to Sothebys (BID)’s Board

Activist Dan Loeb Bought More Sotheby’s, Just Sent This Letter to Their CEO

Bill Gates’ Investment Arm Reports Stake in Arcos Dorados Holding Inc (ARCO)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Top Reasons For Getting Fired

The 3 Best States to Start an LLC

10 Jobs That Allow You to Travel

7 High-Paying Jobs You Can Do From Home

12 Best Cities to Shop in USA

10 Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!