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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Sothebys | NYSE:BID | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 56.99 | 0 | 01:00:00 |
From May 2019 to May 2024
Sotheby's said Wednesday it will pay shareholders a $300 million special dividend in March, and may sell its New York headquarters, as the auction house works to fend off an assault by activist hedge fund manager Daniel Loeb.
The company also said it may buy back $150 million in stock and is considering options for its Bond Street property in London.
The moves are the result of a financial review that began in September, a month before Mr. Loeb sent the company an incendiary public letter calling on Chief Executive William Ruprecht to step down and saying the company was like "an old master painting in desperate need of restoration."
But the promises to return more cash to shareholders could help build support for management in that fight.
Mr. Loeb's Third Point Capital LLC has a 9.3% stake in Sotheby's.
The art auction house said it hopes to extend an annual special dividend in the years ahead.
Write to Sara Germano at sara.germano@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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