Proxy Advisory Endorses Dan Loeb’s Art Expertise - Dealbreaker

Proxy Advisory Endorses Dan Loeb’s Art Expertise

Author:
Updated:
Original:

ISS thinks that Sotheby’s shareholders should giveDan Loeb exactly twice as many seats as he could have had without engaging in a proxy fight. Glass Lewis, less so.

Mr. Loeb gained a significant ally in his campaign Thursday when Institutional Shareholder Services Inc. recommended he be elected to Sotheby's board. Rival advisory firm Glass, Lewis & Co., however, said Mr. Loeb hasn't built a strong enough case for a board makeover and recommended in favor of the company's management….

"It is difficult to believe this is a board keenly attentive to all the opportunities at hand to enhance shareholder value," ISS wrote.

The advisory firm backed two of Third Point LLC's nominees, Mr. Loeb and Olivier Reza, head of jeweler House of Alexandre Reza, to join the board, but it rejected a third nominee, Harry J. Wilson….

The Glass Lewis report, meanwhile, found that while Sotheby's still has room for improvement in some areas of operating performance, the company has been proactive about returning cash to shareholders. The report said Mr. Loeb "identified certain areas of concern, but ultimately has fallen short of making a compelling case that additional changes in the boardroom are warranted at this time."

Proxy Advisers Offer Differing Opinions on Dan Loeb’s Election to Sotheby’s Board [WSJ]

Related

Dan Loeb Is A Pretty Swell Guy: Dan Loeb

Anyone suggesting otherwise can just back the hell off.

© José Luiz Bernardes Ribeiro / 

Elderly Soup Scions Invite Dan Loeb’s Ire, Get It

The Third Point chief’s poison pen may be a bit rusty, but it still works just fine.

By Renee Comet (Photographer) [Public domain or Public domain], via Wikimedia Commons

Dan Loeb Seriously In The Soup, Possibly Crying Therein

Winning his Campbell’s fight may be worse than losing.

By Renee Comet (Photographer) [Public domain or Public domain], via Wikimedia Commons

Dan Loeb Opens Up A Spicy Can Of Litigation

He hopes to dump the steaming allegations right into some elderly laps.

(YouTube)

Dan Loeb’s October Was Pretty Bad All Around

He’s hoping November will be better, but probably not.

Third Point LLC

Dan Loeb Has Something Nice To Say But…

Actually, make that “buts.” Lots of them.

(YouTube)

Dan Loeb Still Waiting For Those Shorts To Pay Off

2019’s gonna be a great year for Danny Boy if the shit really hits the fan. Maybe.