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Hedge fund manager Loeb launches proxy battle at Sotheby’s

Reuters – Billionaire hedge fund manager Daniel Loeb is mounting a proxy fight at Sotheby’s with the goal of winning three board seats after the auction house’s promise to return $450 million to shareholders failed to appease activist investors.

Loeb’s $14 billion Third Point, Sotheby’s biggest investor with a 9.53 percent stake, said on Thursday in a regulatory filing that it is proposing a slate that includes Loeb, restructuring expert Harry Wilson and former investment banker Olivier Reza.

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