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Sotheby’s bought by French billionaire for $3.7bn
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Published 18 June 2019
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Ragavan Arunachalam
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Sotheby’s recent troubles are well documented. From fending off the aggressive overtures of various hedge funds, to streamlining its business in an increasingly chaotic market, it has not always been able to focus on the business of selling art.
Having found its White Knight in Patrick Drahi, and with the art auction market picking up, hopefully the business can move forward free of the increased regulatory burden and cost all listed companies face, and focus on delivering a good return for its sole shareholder free from outside interference.
The 61% premium paid to shareholders will look like good business if Sotheby’s can build on its recent high profile sales.
Written by Ragavan Arunachalan, a Senior associate in our Corporate team.
Shorter Reads
Sotheby’s bought by French billionaire for $3.7bn
Published 18 June 2019
Sotheby’s recent troubles are well documented. From fending off the aggressive overtures of various hedge funds, to streamlining its business in an increasingly chaotic market, it has not always been able to focus on the business of selling art.
Having found its White Knight in Patrick Drahi, and with the art auction market picking up, hopefully the business can move forward free of the increased regulatory burden and cost all listed companies face, and focus on delivering a good return for its sole shareholder free from outside interference.
The 61% premium paid to shareholders will look like good business if Sotheby’s can build on its recent high profile sales.
Written by Ragavan Arunachalan, a Senior associate in our Corporate team.
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Ragavan
ArunachalamPartner
Specialising in Corporate, Commercial, Corporate recovery, restructuring & insolvency and Private equity
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