Loeb seeks to delay Sotheby’s meeting in fight with board

Dan Loeb wants🥃 a Delaware judge to postpone Sotheby’s May 6 board meeting, where he plans to launch a bitter proxy battle over three directors he is proposing to the Sotheby’s board.

Delaware C��hancery Court Judge Donald Parsons gave no indication when h🐷e would rule.

Loeb’s $14.5 billion Third Point hedge fund, which has a 9.6 percent stake in the auction house, argued in a court hearing Tuesday that Sotheby’s poison pill should be struck down because Loeb does not want ꧟to control the company.

The company instituted a two-tiered poison pill last year after Loeb took his stake, limiting activist investors to a 10 ꧙percent stake in the company.

Third Point’s lawyers argued that Sotheby’s board members have been criticizing management i꧂n private e-mails that were revealed in court.

The auction house’s compensation plan was “red meat for🔥 the dogs” accor﷽ding to an e-mail from board member Steven Dodge to other directors.

Sotheby’s said that its “board is composed of independent thinkers who a💞re active in the direction of the company. Robust debate in the boardroom is embraced by Sotheby’s independent board members and is good governance.”