Third Point Nominates 3 To Sotheby's Board, Incl. Daniel Loeb

(RTTNews) - Third Point LLC said Thursday that shares Sotheby's (BID) belief that having Daniel S. Loeb on its Board would benefit the company and its owners.

In addition to Loeb, Third Point said, it has also nominated two other directors who are qualified experts in areas where the Sotheby's Board currently lacks much-needed depth.

"Based on Third Point's experience, a sole voice representing shareholder's interests in the Boardroom will not be sufficient to bring about necessary change at Sotheby's. For that reason, Third Point has consistently adhered to its request for numerous board seats. The Company was always well aware of Third Point's insistence on multiple seats, and so its offer of a single seat was not, in our opinion, a serious attempt to forge a settlement that would avoid a proxy contest," Third Point said in a statement.