56.21 0.00 (0.00%)
After hours: 4:27PM EDT
|Bid||56.15 x 2200|
|Ask||56.80 x 900|
|Day's Range||55.99 - 56.63|
|52 Week Range||32.01 - 59.88|
|Beta (3Y Monthly)||1.21|
|PE Ratio (TTM)||26.27|
|Earnings Date||Aug 5, 2019 - Aug 9, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||45.50|
Moody's Investors Service ("Moody's") placed Sotheby's ratings on review for downgrade including the Ba2 Corporate Family Rating, Ba2-PD Probability of Default rating and Ba3 senior unsecured note rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
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hit the gavel on itself on Monday, announcing it has agreed to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur and art collector Patrick Drahi. Under the terms of the agreement, Sotheby's shareholders will receive $57 in cash per share of Sotheby's common stock, in a transaction with an enterprise value of $3.7 billion. The offer price represents a premium of 61% to Sotheby's Friday closing price of $35.39.
(Bloomberg) -- Like masterpieces by Van Gogh, Picasso and Rothko, the storied auction house Sotheby’s is slipping into wealthy private hands, in a $2.7 billion deal that will reshape the global art market.Billionaire Patrick Drahi agreed to buy the 275-year-old firm, ending Sotheby’s three decades as a public company. Drahi, a disciple of media mogul John Malone, is seizing on the upheavals that have shaken the centuries-old auction model.The deal announced Monday pulls the inner workings of the art market even deeper into the shadows. As a private company, Sotheby’s will no longer be required to disclose quarterly results, which had put it at a competitive disadvantage compared with arch-rival Christie’s, owned by another French billionaire, Francois Pinault. Those periodic reports also provided a “public bellwether” for the art market with insight into margins, executive compensation, strategy, capital allocation and the stock’s reaction to major economic and political forces, said Evan Beard, an art-service executive at Bank of America Corp.“That all goes underground now,” Beard said. “It’s a transparency shift."Investors including Dan Loeb’s Third Point hedge fund, Sotheby’s second-biggest shareholder, will receive $57 in cash for each share of Sotheby’s common stock, the New York-based auction house said Monday in a statement. The offer represents a 61% premium to Friday’s closing price.Sotheby’s shares had dropped 40% in the past year as the company grappled with higher costs and shrinking margins even as masterpieces and contemporary works set auction records. Drahi, 55, is chairman of Altice Europe NV, a publicly traded telecommunications firm with more than 30 million customers. He’s worth $8.6 billion and the sixth-richest person in France, according to the Bloomberg Billionaires Index."It’s a trophy acquisition," said Franck Prazan, owner of Applicat-Prazan gallery, who was a managing director at Christie’s France when Pinault bought the company. “These auction houses aren’t really meant to be publicly traded, and they’re better off being owned by a personal fortune. The profitability of a publicly traded auction house is extremely volatile.”Bold dealmaking is well in character for Drahi, who single-handedly built a global telecom behemoth in the span of two decades through relentless acquisitions and an embrace of debt. The Moroccan-born Frenchman, who’s also an Israeli citizen, is said to have proposed to his wife within an hour of meeting her. He harbored ambitions of one day running a global company. Realizing that goal could take decades to materialize if he stayed on the corporate track, he quit his first job with a Dutch satellite firm and founded his own cable businesses with the help of a student loan.Cutthroat CompetitionIn 2016, in a $17.8 billion deal, Altice acquired Cablevision Systems Corp., where Sotheby’s Chief Executive Officer Tad Smith honed his managerial skills before taking the reins at Madison Square Garden Co.Altice Europe’s main asset is SFR, a French telecommunications company. The business is finally returning to growth after years of customer losses amid cutthroat competition. Shares of Altice Europe have advanced about 70% this year, though they remain more than 50% below their 2015 peak.Drahi’s takeover would mean that French citizens will own the world’s two major auction houses. Pinault, the founder of Paris-based luxury goods giant Kering SA, initially acquired a stake in Christie’s two decades ago from British billionaire Joe Lewis.“It was ripe for Sotheby’s to go private,” said former Christie’s executive Philip Hoffman, now CEO of the Fine Art Group. “Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”The branding potential of Sotheby’s had attracted investors including Loeb, whose Third Point hedge fund is the second-largest shareholder, with a 14.3% stake.Loeb joined the board in 2014 after a bitter proxy fight, and senior managers were replaced soon after. Investments in technology and advisory services followed -- as well as significant milestones, such as the sale of a Jean-Michel Basquiat painting for $110 million in 2017. Still, Sotheby’s has consistently trailed Christie’s in annual sales.“Today’s sale price affirms the value we saw when we first invested in Sotheby’s, and rewards long-term investors like Third Point who believed in its potential,” Loeb said Monday in a email.To contact the reporters on this story: Katya Kazakina in New York at firstname.lastname@example.org;Angelina Rascouet in Paris at email@example.com;Devon Pendleton in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, ;Alan Goldstein at firstname.lastname@example.org, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Sotheby's news about the company being taken private has BID stock heading higher on Monday.Source: Shutterstock Sotheby's (NYSE:BID) says that the new offer to take the company private comes from BidFair USA. This is a company controlled and owned by Patrick Drahi, who is an art collector. The deal values the company at $3.70 billion.The Sotheby's news release about the deal also includes the offer being made for it on a per share basis. BidFair USA will be paying $57.00 per share for BID stock. The company will be using cash to fund the transaction.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBidFair USA's offer of $57.00 is a heavy premium over the closing price of $35.39 per share for BID stock on Friday. This represents a 61% premium over that price. It is also 56.3% above the company's 30 trading-day volume weighted average share price.The Sotheby's news already has the approval of the company's Board of Directors. The Board is also recommending that all shareholders of BID stock offer up their approval for the deal with BidFair USA. * 7 Top-Rated Biotech Stocks to Invest In Today Sotheby's and BidFair USA still need to complete customary closing conditions before the deal can close. This includes getting approval from regulators, as well as shareholders. If the deal doesn't run into any problems, it will close during the fourth quarter of 2019. This will return the company to private ownership after 31 years on a public stock exchange.BID stock was up 58% as of noon Monday. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * The 7 Best Tech Stocks to Buy for the Second Half of 2019 * 7 Top-Rated Biotech Stocks to Invest In Today * 4 Semiconductor Stocks to Sell As of this writing, William White did not hold a position in any of the aforementioned securities.Compare Brokers The post Sotheby's News: BID Stock Flies on $3.7 Billion Buyout Deal appeared first on InvestorPlace.
(Bloomberg Opinion) -- For full tycoon status, you need to own a real trophy asset. Patrick Drahi has moved to obtain lasting renown by securing a $3.7 billion deal to buy the venerable auction house Sotheby’s. Getting noticed doesn’t come cheap.Drahi is best known as the acquisitive founder of Altice Europe NV, a Dutch-listed telecoms group, and its sister business Altice USA Inc. He’s No. 174 in the Bloomberg Billionaires index, with an estimated net worth of $8.6 billion, just above his mentor, Liberty Global Plc’s John Malone. He can afford to buy Sotheby’s. But expect him to be using a heap of debt to do so, something straight out of his and Malone’s playbooks.You never get a trophy for a bargain sum and so it is here. Drahi is offering a 61% premium to the Sotheby’s closing price on Friday, and a 56% premium to the 30-day average price. On a longer-term view, the auction house is slightly better value. The $57-a-share bid is still 3% below the company’s year high, and is 21 times expected earnings over the next 12 months. The stock was trading at 23 times earnings back in September. The market isn’t expecting a counterbid. But there’s only one Sotheby’s and it can’t be ruled out.For Sotheby’s, it’s hard to see how an offer with this premium, and from an art lover, could have been rejected. Indeed, the company is voicing the now familiar lament that private ownership may suit the business better. It’s certainly been tough for the board on the public markets. Shareholder activist assaults have included a 2014 whipping from Dan Loeb’s Third Point LLC, a 14% shareholder, who complained about poor governance and weak cost control.For Drahi the commercial attractions are less clear cut. He’s paying a handsome premium that only he can justify. Running auctions is a tricky business: The market is highly volatile, clients may demand guaranteed minimum prices to choose a particular auction house, and there are lots of expensive staff on the books. The economics are similar to owning a blue chip investment bank, even if the social cachet is on another level (arch-rival Christie’s is owned by the Pinaults, no strangers to trophy assets).Still, with the numbers of the world’s super-wealthy expanding, art prices tend to do the same thing. The issue for the auction houses is making sure they get the very top contemporary pieces, so popular with Drahi’s billionaire cohort.What does Drahi bring other than his commitment to the arts and experience as a Sotheby’s client? It would be brave to bet against him, but his undoubted skills in financial structuring don’t seem particularly relevant in this case. Possibly his experience of cutting costs and transforming businesses will be of benefit, in particular as Sotheby’s adapts to digital sales.It’s not obvious why full ownership of Sotheby's would be the first recommendation of an adviser to Drahi’s family office. It’s a risky business. There may be wiser uses of $4 billion – just not ones that put you on the cultural map.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
NEW YORK, June 17, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Sotheby's (the “Company”) (NYSE:.
WILMINGTON, Del., June 17, 2019 -- Rigrodsky & Long, P.A.: Do you own shares of Sotheby’s (NYSE: BID)? Did you purchase any of your shares prior to June 17, 2019?Do you.
MILWAUKEE , June 17, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating the Sotheby's (NYSE: BID) for possible breaches of fiduciary duty and other violations of the law in connection with the ...
Altice founder Patrick Drahi’s privately held BidFair USA will acquire the auction house Sotheby’s in a deal valued at $3.7 billion.
Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Sotheby’s (BID) to BidFair USA (“BidFair”) is fair to Sotheby’s shareholders. On behalf of Sotheby’s shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. If you are a Sotheby’s shareholder and would like to discuss your legal rights and options, please visit Sotheby’s Merger or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or email@example.com or firstname.lastname@example.org.
PARIS/BOSTON (Reuters) - Franco-Israeli cable magnate Patrick Drahi made a surprise move into the art world by snapping up Sotheby's in a deal worth $3.7 billion, marking the art auction house's return to private ownership after 31 years. The acquisition allows Drahi to join French billionaire Francois Pinault - who owns Sotheby's main rival Christie's - at the top of the art world and New York society.
(Bloomberg) -- Telecom titan Patrick Drahi is buying Sotheby’s for $2.7 billion, taking it private after more than three decades as a public company, and placing the world’s two leading auction houses under the control of French billionaires.Sotheby’s shares had taken a beating in the past year as the company battled expenses and margins even as masterpieces and contemporary works set auction records. Activist investor Dan Loeb, whose Third Point hedge fund is the second-largest shareholder, had waged a battle against the auction house after first reporting a stake in 2013.Drahi, who controls Altice Europe NV, a publicly traded telecommunications business with more than 30 million customers, has the money and background. An avid art collector, he’s worth $8.6 billion, according to the Bloomberg Billionaires Index.“Sotheby’s is one of the most elegant and aspirational brands in the world,” Drahi, 55, said in the statement. “As a longtime client and lifetime admirer of the company, I am acquiring Sotheby’s together with my family.”Investors will receive $57 in cash per share of Sotheby’s common stock under terms of the agreement, according to a statement Monday from the New York-based company. The offer represents a 61% premium to the closing price on Friday. Sotheby’s shares rose 57% to $55.58 as of 9:40 a.m. in New York. The enterprise value is $3.7 billion.Drahi’s latest purchase is a surprise move for a man known for the telecoms empire he built, which grew out of a string of debt-financed acquisitions in France before eventually expanding to the U.S. in 2015. Drahi said he intends to “monetize” a small piece of the U.S. business for as much as $400 million to fund the Sotheby’s deal.Altice Europe’s main asset is SFR in France. The business is finally returning to growth after years of customer losses amid cutthroat competition for subscribers in France. Shares in Altice Europe have gained more than 70% this year.Drahi’s takeover would mean that French citizens will own the world’s two major auction houses. The family of Francois Pinault, founder of Paris-based luxury goods giant Kering SA, owns Christie’s after first buying a stake in the company from British billionaire Joe Lewis two decades ago.“It was ripe for Sotheby’s to go private,” said Philip Hoffman, chief executive officer of the Fine Art Group and a former Christie’s executive. “Christie’s has more advantages being run privately and not having public quarterly reporting that puts pressure on their ability to do deals.”Sotheby’s had been under pressure from Dan Loeb, whose Third Point hedge fund is the second-largest shareholder, with a 14.3% stake.“Today’s sale price affirms the value we saw when we first invested in Sotheby’s, and rewards long-term investors like Third Point who believed in its potential,” Loeb said Monday in a email.LionTree Advisors is advising Sotheby’s, while BNP Paribas and Morgan Stanley working with BidFair, an entity controlled by Drahi. BNP Paribas is sole financing provider.(Adds Loeb comment in 10th paragraph. An earlier version of this story corrected Philip Hoffman’s title at Christie’s.)\--With assistance from Ben Stupples and Scott Deveau.To contact the reporters on this story: Angelina Rascouet in Paris at email@example.com;Devon Pendleton in New York at firstname.lastname@example.org;Katya Kazakina in New York at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, ;Alan Goldstein at email@example.com, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Patrick Drahi, the billionaire behind telecoms and media group Altice , has agreed to buy art auction house Sotheby's in a deal worth $3.7 billion on an enterprise value basis. Sotheby's said it had signed a definitive agreement to be acquired by BidFair USA, an acquisition vehicle set up by Drahi, that had offered $57 in cash per share to buy out Sotheby's. The offer represented a premium of 61% to Sotheby's closing price on Friday.
Sotheby’s (NYSE: BID ) shares traded sharply higher Monday morning after the company announced it will be acquired by BidFair for $57 per share in cash. The offer price represents a premium of 61% to Sotheby's ...
June 17 (Reuters) - Art auction house Sotheby's said on Monday it would be taken private for $2.66 billion by a company owned by Altice Europe founder Patrick Drahi. Sotheby's shareholders will receive $57 in cash per share held. The offer represents a premium of 61% to Sotheby's Friday close. (Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila
Shares of Sotheby's soared 60% toward an 11-month high in premarket trading Monday, after the auction house announced a deal to be acquired by BidFair USA, which is owned by telcom and media entrepreneur and art collector Patrick Drahi, in a deal valued at $3.7 billion. Under terms of the deal, Sotheby's shareholders will receive $57 in cash for each Sotheby's stock they own, which is 61% above Friday's closing price of $35.39 and represents a market capitalization of $2.66 billion. Drahi is Chairman and controlling shareholder of Altice USA Inc. . The deal is expected to close in the fourth quarter. "This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment," said Sotheby's Chief Executive Tad Smith. "It positions us very well for our future and I strongly believe that the company will be in excellent hands for decades to come with Patrick as our owner." Sotheby's stock has dropped 40% over the past 12 months through Friday, while the Dow Jones Industrial Average has gained 4%.
Sotheby's Shareholders to Receive $57 Per Share in Cash Transaction Valued at $3.7 Billion Acquisition Would Result in Sotheby's Becoming a Private Company NEW YORK , June 17, 2019 /PRNewswire/ -- Sotheby's ...