Daniel Loeb’s Sotheby’s Suit Targets New Takeover Defense Ploy

The activist hedge fund manager’s suit against the auction house concerns a new variety of poison pill that target companies have been issuing of late.


Reports that Daniel Loeb’s hedge fund firm, Third Point, is suing Sotheby’s over a poison pill that the venerable auction house instituted in response to the investment firm’s advances shines a bright light on a relatively new takeover defense tactic.

The poison pill is the brainchild of Martin Lipton, of the New York law firm Wachtell, Lipton, Rosen & Katz.

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