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Sotheby's Open Letter to Shareholders Regarding Third Point’s Board Nominees
Posted by: Grass Hopper (IP Logged)
Date: March 15, 2014 12:07PM
SOTHEBY’S SENDS OPEN LETTER TO SHAREHOLDERS
NEW YORK, 13 March 2014 – Sotheby’s (NYSE: BID) today issued the following open letter to shareholders regarding its nominees for the Board of Directors and the notice from Third Point LLC submitting nomination of three candidates (the “Third Point Nominees”) to stand for election to Sotheby’s Board at the Company's 2014 Annual Meeting.
Highlights of the letter include:
Dear Sotheby’s Shareholder:
The Nominating and Corporate Governance Committee of Sotheby’s Board of Directors has carefully considered the director nominations put forth by Third Point. The composition of your Board is something Sotheby’s takes very seriously, as the experience and expertise of its directors have been and will continue to be important to enabling the Company’s success.
Indeed, under the leadership and guidance of your Board of Directors, Sotheby’s has delivered strong financial performance and superior shareholder returns, including a total shareholder return of 32.5% over the last year. Your Board is independent, active, engaged and focused on shareholder value. We believe your Board has the skills and expertise necessary to continue Sotheby’s track record of success.
In contrast, we believe the Third Point Nominees – Daniel S. Loeb, Olivier Reza and Harry J. Wilson – add no experience or expertise that is not already represented or that is relevant to the Company’s business, strategies or goals. Accordingly, based on the recommendation of the Nominating and Corporate Governance Committee, the Board has unanimously determined to reject the Third Point Nominees.
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