(Reuters) Sotheby’s plans to buy $73.8 million of stock from Marcato Capital Management, helping the activist investor cut its stake in the auction house by roughly half, according to regulatory filings on Tuesday.
The auction house said in the filing that it agreed to buy 2.05 million shares at $36 a share from Marcato. The hedge fund said in a separate filing that it now owns a 4.9 percent stake in Sotheby’s, down from 9.6 percent at the end of June, when it was the fund’s second largest holding.
