57.73 0.00 (0.00%)
After hours: 4:54PM EDT
|Bid||57.68 x 800|
|Ask||57.73 x 1200|
|Day's Range||57.62 - 58.80|
|52 Week Range||32.01 - 59.03|
|Beta (3Y Monthly)||1.21|
|PE Ratio (TTM)||26.98|
|Earnings Date||Aug 5, 2019 - Aug 9, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||45.50|
WILMINGTON, Del., June 25, 2019 -- Rigrodsky & Long, P.A. announces that it is investigating: Shutterfly, Inc. (NASDAQ GS: SFLY) regarding possible breaches of fiduciary.
A federal judge in New York rejected Sotheby's bid to dismiss a $380 million (£299 million) lawsuit where Russian billionaire Dmitry Rybolovlev accused the auction house of helping his longtime art dealer's scheme to overcharge him on dozens of masterworks. U.S. District Judge Jesse Furman said Sotheby's failed to establish that the case did not belong in his court because Rybolovlev was already litigating in Switzerland, where much of the key evidence and many witnesses were located, and that principles of international comity justified dismissal. Furman found no showing that New York was "genuinely inconvenient" and Switzerland was "significantly preferable," saying the New York case had made more progress and Sotheby's might save money by defending itself in its home forum.
Under the terms of the proposed transaction, shareholders of Sotheby’s will receive only $57.00 in cash for each share of Sotheby’s that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company. If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (firstname.lastname@example.org) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-bid/ to learn more.
Bragar Eagel & Squire, P.C. is investigating potential claims against the board of directors of Sotheby’s (BID) on behalf of Sotheby’s shareholders concerning its proposed acquisition by BidFair USA. Pursuant to the proposed transaction, announced on June 17, 2019, and valued at approximately $3.7 billion, Sotheby’s shareholders will receive $57 for each share of Sotheby’s common stock owned. The investigation focuses on whether Sotheby’s and its board of directors violated the federal securities laws and/or breached their fiduciary duties to the Company’s shareholders by failing to conduct a fair process and whether and by how much the proposed transaction undervalues the Company.
NEW YORK, June 24, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: Levi & Korsinsky, LLP announces that investigations have commenced on.
NEW YORK, NY / ACCESSWIRE / June 24, 2019 / Halper Sadeh LLP, a global investor rights law firm, announces it is investigating C&J Energy Services, Inc. (NYSE: CJ), Array BioPharma Inc. (NASDAQ: ARRY), ...
(Bloomberg) -- In a career defined by audacious takeovers, Patrick Drahi’s bid for Sotheby’s ranks as perhaps the most surprising of all.The French-Israeli tycoon has long followed his own path in business, tapping the market for junk-rated debt to help build the second-biggest telecom company in France. And Drahi shunned the elite bastions of Paris by listing Altice Europe NV in Amsterdam and settling in the alpine town of Zermatt, Switzerland.When this consummate outsider announced on June 17 that he would shell out $2.7 billion to purchase Sotheby’s, the iconic 275-year-old auction house, a raft of questions followed. Is he seeking a trophy asset to sit on his shelf, or will he shake up a firm that had seen its share price tumble by 40% in a year? Is it wise to pile more debt onto Sotheby’s? And just who is Drahi anyway?One thing is already clear: the bid opens a new chapter for an entrepreneur who turned a $9,000 student loan into an $8.5 billion fortune, making him the sixth-richest person in France, according to the Bloomberg Billionaires Index.It’s also possible that other bidders could challenge Drahi’s offer, which was set at a 61% premium to Sotheby’s closing share price on June 14. On Friday, the New York Post reported that other potential buyers may be circling, which pushed the firm’s stock above the offering price. If Sotheby’s accepted a rival bid, it would have to pay Drahi a termination fee of almost $111 million, according to a regulatory filing.In any event, Drahi, 55, said little about his reason for the acquisition in Monday’s statement, save that he’s long been a client and admirer of Sotheby’s. He declined to be interviewed for this article.Arthur Dreyfuss, a spokesman for Drahi, said the purchase “is a long-term family investment in an industry he is passionate about.”Art Lover?The bid roiled the art world and sent dealers scrambling for information about the man, who wasn’t widely known as a serious collector. Experts steeped in the ebb and flow of the market were hard-pressed to identify what paintings he’s bought, although a person with knowledge of Drahi’s collection said he owns pieces by Picasso, Matisse and Chagall, as well as works by 19th century French masters Gericault and Delacroix.Born in Casablanca, Drahi moved to southern France from Morocco when he was 15. He attended his first art auction around then, though at that age he could only observe. That changed by 2007, the year he cobbled together regional cable operators into a new company called Numericable. Drahi likes to steal an hour or two while on business trips and visit local galleries and cathedrals, as he did on a recent detour to the Louvre’s outpost in the northern French city of Lens, said the person, who asked not to be identified.‘Instant Fame’Taking Sotheby’s private after 31 years on the New York Stock Exchange will certainly make Drahi an influential figure in the market for fine art and collectibles, which amounted to $67.4 billion last year, according to an annual report published by UBS Group AG and Art Basel.He will stand opposite Francois Pinault, the French billionaire who founded a luxury-goods empire that encompasses names like Gucci and St. Laurent and controls Christie’s, Sotheby’s historic rival. In acquiring Sotheby’s, Drahi would mirror A. Alfred Taubman, the late American shopping mall developer, who scooped up Sotheby’s in 1983 and took it private.“People didn’t know Alfred incredibly well at the time, but it gave him instant fame in the art and cultural world,” says Warren Weitman, a former Sotheby’s executive and co-founder of Art Market Advisors in New York.Owning Sotheby’s would give Drahi a first look at pieces coming onto the market, plus a ready outlet for selling his own works, industry experts said. Taubman bought sculptures by Alberto Giacometti and paintings by Georgia O’Keeffe and Picasso, among others, at auctions, and by the time of his death in 2015 he’d amassed a collection once valued at $500 million. (The businessman was convicted of price fixing in an industry-shaking trial in 2001 and served almost 10 months in prison).‘Coveted Works’For his part, Pinault is among the world’s top collectors with works from virtually every major modern, postwar and contemporary artist. His $1.2 billion collection is so vast that he exhibits pieces in two palazzos in Venice and is building a museum in Paris.“I am sure the idea of access to the most coveted works before anyone else is an additional perk to this acquisition in the back of Drahi’s mind, as must have been the case with an obsessive collector like Mr. Pinault,” says Wendy Goldsmith, founder of Goldsmith Art Advisory, a London-based consulting firm.Yet Drahi will be on the hook should the finances of his new acquisition go sideways. Buffeted by sudden swings in buying activity, the art world can be a volatile and inscrutable place. In 2016, for instance, sales in China slid sharply and contributed to a 16% drop in revenue at Sotheby’s, says Alex Maroccia, an equity analyst with Berenberg Capital Markets in London.Moody’s ReviewDespite the astronomical sums paid for top works -- Claude Monet’s ethereal rendering of haystacks called “Meules” fetched $110.7 million at Sotheby’s in May -- the company has struggled to post consistent growth. In 2018, the firm, which makes money primarily by sales commissions, earned $108.6 million in net income on $1 billion in revenue, an 8.5% skid from 2017. In the first quarter of this year, it lost $7 million.On Tuesday, Moody’s said Sotheby’s adjusted debt was five times its earnings before interest, tax, depreciation and amortization -- a high level for a luxury-goods concern. Moody’s, which already ranks Sotheby’s debt at below investment grade, placed the firm on review for a credit-rating downgrade. Drahi may be planning on financing a big chunk of his deal by selling more junk-rated debt.High Tech Shakeup?Drahi, a graduate of France’s elite engineering school, Ecole Polytechnique, may be tempted to bring his technological expertise to bear. Sotheby’s mobile-phone app already permits users to bid around the clock in online auctions of fine books and manuscripts or 19th century European paintings. Last year, the firm bought a New York startup called Thread Genius that uses “image recognition” software to ply users with art they may like based on past purchases. It’s widely accepted that the art market is long overdue for the type of digital revolution that transformed other industries.But if Drahi is contemplating using digital automation to slash salaries, Sotheby’s biggest expense, he may want to think again, experts said. The auction business is still driven by the relationships between sales representatives who know what art buyers want and well-heeled customers who require hand-holding and trust.“Patrick Drahi may have some wiggle room to cut costs, but not massive wiggle room,” says Franck Prazan, the owner of Applicat-Prazan gallery in Paris.More than anything, the art world is bracing to see how Drahi, the newcomer, will square off against the veteran Pinault. Locked in a fierce rivalry, Christie’s and Sotheby’s control about 20% of the global art market, according to the UBS report. Christie’s had $7 billion in sales last year, compared with $6.4 billion at Sotheby’s.Whatever course Drahi takes, there’s bound to be drama as Sotheby’s rejoins Christie’s in the opaque world of private ownership and a new player makes his imprint on an idiosyncratic industry.“Every successful businessman who gets involved with the auction houses thinks that he can reinvent the wheel,” says Goldsmith, the art adviser. “Mr. Drahi may indeed find that he can’t reinvent the wheel, but he will have a lot of fun trying.”\--With assistance from Fabio Benedetti-Valentini and Laura Benitez.To contact the reporters on this story: Edward Robinson in London at email@example.com;Katya Kazakina in New York at firstname.lastname@example.org;Angelina Rascouet in Paris at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, ;Jacqueline Simmons at email@example.com, ;Rebecca Penty at firstname.lastname@example.org, Frank Connelly, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Sotheby’s shares gained after the New York Post reported that the auction house could get competing offers days after striking an agreement with billionaire Patrick Drahi to sell itself for $2.7 billion.A group of wealthy New York-based art “afficianados” is forming to assemble a bid, the newspaper reported Friday, citing sources “close to the talks” that it didn’t identify. Hedge fund manager Alexander Klabin of Senator Investment Group is among those who have been approached to finance a competing offer, the paper said. Sotheby’s shares rose 4.2% to $58.92 in New York.Sotheby’s and Klabin declined to comment.Read More: Billionaire’s deal for Sotheby’s pushes art market ‘underground’Taikang Asset Management, Sotheby’s largest shareholder with a 17% stake, is also considering whether to make a higher offer, the newspaper said. Under the agreement with Drahi announced on Monday, investors will receive $57 in cash per share of Sotheby’s common stock. The offer represented a 61% premium to its prior closing price. Drahi would get a termination fee of more than $100 million if Sotheby’s accepted a higher bid, according to a regulatory filing.(Updates share price in second paragraph.)To contact the reporter on this story: Katya Kazakina in New York at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WILMINGTON, Del., June 21, 2019 -- Rigrodsky & Long, P.A. announces that it is investigating: LegacyTexas Financial Group, Inc. (NASDAQ GS: LTXB) regarding possible.
Investors are buying up US real estate like hot cakes making up 11% of total home sales in 2018, the highest on record, according to WSJ. Zillow (ZG) is one such investor that has pivoted to be more than just a real estate tool.
NEW YORK, June 20, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: Levi & Korsinsky, LLP announces that investigations have commenced on.
Bitcoin’s price peaked in December 2017, when it briefly rose to over 19,000 dollars. The cryptocurrency lost half its value over the following two months. Before its recent surge, Bitcoin was trading around 4,000 dollars.
(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 email@example.com;Angelina Rascouet in Paris at firstname.lastname@example.org;Devon Pendleton 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, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(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 firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis 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.
Altice founder Patrick Drahi’s privately held BidFair USA will acquire the auction house Sotheby’s in a deal valued at $3.7 billion.