Sotheby's, Third Point are set for battle royal over poison pill
A showdown is coming up in Delaware between Daniel Loeb's activist fund Third Point LLC and Sotheby's over a poison pill enacted by the auction house.
In a lawsuit in Delaware Court of Chancery, Third Point is challenging the pill as a way to keep the activist's slate of three director nominees off the board.
The company enacted the poison pill shortly after Third Point revealed a 5.7% stake in August. While courts uphold poison pills that are reasonably limited in their scope, l...