Actionable Opportunities in Special Situations: Spinoffs, Bankruptcy, Restructurings

Activist Target

Marcato calls on Sotheby’s $BID to repurchase $500mm in stock

Marcato Capital Management LP called on Sotheby’s (BID) to repurchase $500mm in stock, a week after the auction house said it was putting a hold on capital returns while it hunts for a next chief executive. The move may open up a rift between Marcato, the company’s second-largest shareholder with a 7.4% stake, and fellow activist Daniel Loeb, who sits on the board, which made the decision to announce the freeze on capital returns. Mr. Loeb’s Third Point LLC is the largest shareholder with a 9.6% stake. Source

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