Loeb's Third Point Raises Stake in Sotheby's (BID) to 5.74%; Seeks Talks w/ Management

August 26, 2013 3:03 PM EDT
(Updated - August 26, 2013 3:05 PM EDT)

In a 13D filing on Sotheby's (NYSE: BID), Dan Loeb's hedge fund Third Point LLC disclosed a 5.74%, or 3,925,000 share, stake in the company. This is up 57.00% from the 2,500,000 shares held at the end of the latest quarter ending June 30, 2013.

"The Reporting Persons intend to engage in a dialogue with members of the Board or management of the Issuer or other representatives of the Issuer. The Reporting Persons may also engage in a dialogue and other communications regarding the Issuer with other stockholders of the Issuer, knowledgeable industry or market observers (including art market participants), or other persons. Any dialogue or communications with any of the foregoing persons may relate to potential changes of strategy and leadership at the Issuer and proposals that, if effected, may result in one or more of the events described in Item 4 of Schedule 13D. Except as set forth herein, the Reporting Persons have no present plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D."

For more notable holders of Sothebys stock click here. For more information on Third Point LLC click here.

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