On January 29, 2014 Sotheby’s (BID) announced it will take the follow actions:
- Sotheby’s will return a special dividend of $300 million to shareholders in March.
- Sotheby’s Board has authorized a $150 million share repurchase program.
- unlock significant value for shareholders: “additional debt-financing of the Sotheby’s Financial Services loan portfolio, which could result in the return of an additional $150 million to $200 million to shareholders; and an evaluation of its real estate holdings in New York and London. The Company is weighing the possibility of selling its York Avenue headquarters and relocating, or selling a portion of the building and remaining in reconfigured space. Sotheby’s is now conducting a bidding process to explore these alternatives and expects to choose a path shortly. The Company is also evaluating its New Bond Street property in London and intends to engage in a similar review process with that property. “
- Completed Cost Structure Review: Will save $22mm per year this fiscal year.
Source: Announcement
