Activist investor Daniel Loeb gained an important ally in his fight with Sotheby’s after a shareholder advisory firm backed his proposal for investors to vote for two of his three nominees to the auction house’s board.
The biggest gun-control fight next year is shaping up as dueling ballot initiatives in the state of Washington, a continent away from the Connecticut elementary school where a mass shooting ignited a national push for tougher firearms laws.
Marcato Capital Management LLC, the $2.7 billion activist hedge-fund firm run by Mick McGuire, plans to vote in support of Third Point LLC’s nominees for the Sotheby’s board, according to a person familiar with the matter.
Daniel Loeb, whose Third Point LLC is increasing pressure on Sotheby’s by proposing three directors to the board, said he’s willing to work with Chief Executive Officer William Ruprecht and senior management.
Dan Loeb, the billionaire founder and principal owner of Third Point LLC, the $14 billion activist hedge fund, has made about $1 billion for himself and his investors from a two-year crusade to increase Yahoo! Inc.’s stock price. He’s been extraordinarily successful; the shares trade for about $33 these days, up from about $13.50 when Loeb started buying them in September 2011.
It’s not just Toyota Motor Corp.’s recalls last year or Japan’s earthquake driving General Motors Co. back to being the world’s largest carmaker. Nor is it completely to GM’s credit. What’s really happening is a historic shift in the car business.