Delaware court upholds Sotheby’s poison-pill against hedge fund

Domain B – A Delaware state court judge has blocked a bid by Daniel S Loeb, founder and chief executive of Third Point LLC, a New York-based hedge fund with a portfolio worth $14 billion, to overturn a crucial corporate defence at auction house Sotheby’s.

In a ruling issued last evening, Donald F Parsons, a vice chancellor of Delaware’s Court of Chancery, did not overturn a so-called poison pill plan that limited Loeb’s stake to not over 10 per cent of Sotheby’s shares, while allowing passive investors to hold as much as 20 per cent.

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