BOSTON: A US court rejected activist hedge fund manager Daniel Loeb’s bid to force auction house Sotheby’s to remove its shareholder rights plan, which limits the amount of stock he can buy.
Delaware Chancery Court Judge Donald Parsons ruled late on Friday that he would not overturn Sotheby’s so-called poison pill, which blocks activist investors from buying more than 10% of the company’s stock while passive investors can buy 20%.
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