Sotheby's & Third Point Reach Deal - Quick Facts

(RTTNews) - Sotheby's (BID) and Third Point LLC (TPRE, TPOU.L) have signed an agreement, under which the Sotheby's board has been expanded, and Daniel Loeb, Olivier Reza, and Harry Wilson have been named to the board and would be included in the firm's slate of director nominees for election at the 2014 Annual Meeting of Shareholders. As a result of these additions, and the prior announced additions of new director candidates Jessica Bibliowicz and Kevin Conroy, the Sotheby's slate for the Annual Meeting would expand to 15 members, 13 of whom are independent.

Sotheby's slate would include John Angelo, Jessica Bibliowicz, Kevin Conroy, Domenico De Sole, The Duke of Devonshire, Daniel Loeb, Daniel Meyer, Allen Questrom, Olivier Reza, William Ruprecht, Marsha Simms, Robert Taubman, Diana Taylor, Dennis Weibling and Harry Wilson. The Annual Meeting is likely to be convened on May 6, 2014 and then adjourned to later in the month of May to allow for updated proxy solicitation materials to be distributed to Sotheby's shareholders.

The firm would reveal the adjourned meeting date in due course.