{"id":37671,"date":"2013-08-27T13:10:02","date_gmt":"2013-08-27T17:10:02","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=37671"},"modified":"2013-08-27T13:18:45","modified_gmt":"2013-08-27T17:18:45","slug":"loebs-activist-hedge-fund-acquires-5-7-stake-in-sothebys","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2013\/loebs-activist-hedge-fund-acquires-5-7-stake-in-sothebys.html","title":{"rendered":"Loeb’s Activist Hedge Fund Acquires 5.7% Stake in Sotheby\u2019s"},"content":{"rendered":"

\"Edvard<\/a>New York (HedgeCo.net) – A new filing with the SEC shows that Daniel Loeb’s $14 billion\u00a0hedge fund Third Point LLC spent over $156 million on the acquisition of a 5.7% stake in Sotheby’s.<\/p>\n

The well known activist hedge fund Third Point also owns 1% or 1.8 million worth of Disney; 70 million shares, or about 7% of\u00a0Sony, valued at $1.4 billion.\u00a0Sony Corp last week rejected Daniel Loeb’s activist idea for a spinoff of\u00a0part of Sony’s entertainment arm that would have included a Hollywood movie studio and music business. The\u00a0board unanimously rejected the deal.<\/p>\n

Loeb also held 5.8% of\u00a0Yahoo!\u00a0stock,\u00a0Yahoo then bought back 40 million shares of common stock at $29.11 per share.<\/p>\n

Third Point also owns four million shares of News Corp, worth some $130.3 million, three million Class A shares of Liberty Global, worth $220.4 million, and two million Class C shares of Liberty Global, worth $136 million.<\/p>\n

Loeb “intends to engage Sotheby\u00a0management in talks,” Reuters said.<\/p>\n

“Sotheby\u2019s generated $768.5 million in\u00a0revenue\u00a0last year, the bulk coming from the auction business that sells fine wines, art and gems. It holds a record for a work of art at auction: Last year\u2019s sale of Edvard Munch\u2019s \u201cThe Scream\u201d for $119.9 million. Its biggest competitor is Christie\u2019s, the London-based company taken private by billionaire\u00a0Francois Pinault\u2019s holding company, Artemis SA, in 1998.” Bloomberg reports.<\/p>\n

Alex Akesson
\nFor\u00a0HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a>\u00a0is a premier\u00a0hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0Hedge Funds<\/a>!<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.net) – A new filing with the SEC shows that Daniel Loeb’s $14 billion\u00a0hedge fund Third Point LLC spent over $156 million on the acquisition of a 5.7% stake in Sotheby’s. The well known activist hedge fund Third […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,16044,3],"tags":[],"class_list":["post-37671","post","type-post","status-publish","format-standard","hentry","category-activist-funds","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=37671"}],"version-history":[{"count":5,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37671\/revisions"}],"predecessor-version":[{"id":37680,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37671\/revisions\/37680"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=37671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=37671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=37671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}