Top hedge fund in bid to shape up Sotheby's

Reuters · 9/11/2013

Beginning in June 2013, Marcato built a 7% stake in Sotheby's — the firm's fifth activist campaign in under three years — and approached management with proposals on capital allocation, including the auction house's Manhattan headquarters and the structure of its lending business. By September, Sotheby's had committed publicly to reviewing its financial strategy and pursuing return-of-capital alternatives. Marcato's positions in Alexander & Baldwin and DineEquity were also among the firm's successful campaigns of that period.

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