Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Mick McGuire, Marcato Capital Reiterate Massive Sotheby’s Stake Alongside Dan Loeb

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.

Mick McGuire

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.

Disclosure: none

Recommended Reading:

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

David Einhorn Still Thinks His Green Mountain Short Can ‘Pan Out’

Billionaire Mario Gabelli’s Apple Warning