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Glass Lewis Recommends Shareholders "Do Not Vote" For Any of Third Point's Nominees
NEW YORK, April 24, 2014 /PRNewswire/ -- Sotheby's (NYSE: BID) today announced that Glass Lewis & Co. ("Glass Lewis"), a leading independent proxy advisory firm, has recommended that Sotheby's shareholders vote "FOR" ALL 12 of Sotheby's director nominees on the GREEN proxy card at the Company's 2014 Annual Meeting of Shareholders to be held on 6 May 2014.
In its 24 April 2014 report, Glass Lewis affirmed the Board's belief that Sotheby's has the right Board, the right team, and the right strategy to continue building shareholder valuei:
In recognizing that Sotheby's Board is independent, engaged and committed to serving the interests of ALL Sotheby's shareholders, Glass Lewis stated:
In recognizing that Sotheby's director nominees bring the experience and skills necessary to continue driving shareholder value, Glass Lewis stated:
In echoing Sotheby's sentiment that change is not warranted and that Third Point's nominees add no relevant expertise that is not already effectively represented on the Sotheby's Board, Glass Lewis stated:
Regarding Sotheby's concerns whether Mr. Loeb would serve the long-term interest of ALL shareholders, Glass Lewis states:
Regarding the Board's commitment to cost control and expense discipline, Glass Lewis stated:
In discussing Sotheby's solid operating performance and growth initiatives, Glass Lewis stated:
Regarding Sotheby's new Capital Allocation and Financial Policy Plan, Glass Lewis stated:
Recognizing the Board's effective value creating actions and record of engagement, Glass Lewis stated:
Recognizing Sotheby's commitment to sound corporate governance policies and practices, Glass Lewis stated:
Commenting on the Glass Lewis report, Sotheby's issued the following statement:
We are pleased that Glass Lewis supports the election of ALL of Sotheby's highly qualified and experienced director nominees. The recommendation of this leading, independent proxy advisory firm further enforces our belief that Sotheby's has the right Board, the right leadership and the right strategy to continue Sotheby's record of success and deliver additional shareholder value now and into the future.
To follow the Glass Lewis recommendation, Sotheby's shareholders must vote on the GREEN proxy card today FOR ALL of Sotheby's 12 director nominees: John M. Angelo, Jessica Bibliowicz, Kevin C. Conroy, Domenico De Sole, The Duke of Devonshire, Daniel Meyer, Allen Questrom, William F. Ruprecht, Marsha E. Simms, Robert S. Taubman, Diana L. Taylor, and Dennis M. Weibling.
Sotheby's shareholders are reminded that their vote is important, no matter how many or how few shares they own. If shareholders have any questions, require assistance with voting the GREEN proxy card, or need additional copies of the proxy materials, please contact the Company's proxy solicitor listed below:
MORROW & CO., LLC
470 West Avenue
This letter contains certain "forward-looking statements," as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended, relating to future events and the financial performance of Sotheby's. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performance will differ materially from such predictions as a result of certain risk factors. As such, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as to management's plans, assumptions and expectations as of the date hereof. Please refer to Sotheby's most recently filed Form 10-K (and/or 10-Q) and other filings for a discussion of material Risk Factors. Sotheby's disclaims any duty to update or alter any forward-looking statements, except as required by applicable law.
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Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in eight different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids in real-time from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Contemporary Art department, as well as Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 90 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).
Press Department | 212 606 7176 | Andrew Gully | Andrew.Gully@Sothebys.com
Investor Relations | 212 894 1023 | Jennifer Park | Jennifer.Park@Sothebys.com
Joele Frank | 212 355 4449 | Steve Frankel / Barrett Golden / Jed Repko
Morrow & Co. LLC | 203 658 9400 | Joe Mills / Tom Ball
i Permission to use quotations neither sought nor obtained.
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