Sotheby's To Return To Private Ownership; Shareholders To Receive $57/share

(RTTNews) - Sotheby's (BID) has agreed to be acquired by BidFair USA, which is owned by entrepreneur Patrick Drahi, in a deal with an enterprise value of $3.7 billion. Sotheby's shareholders will receive $57.00 per share of the company's common stock. The transaction is anticipated to close in the fourth quarter of 2019.

Patrick Drahi is a global entrepreneur with telecommunications, media and digital properties across the globe. He is the Founder, President of the Board, and controlling shareholder of Altice Europe.

Domenico De Sole, Chairman of Sotheby's Board, said, "Following a comprehensive review, the Board enthusiastically supports Drahi's offer, which delivers a significant premium to market for our shareholders. After more than 30 years as a public company, the time is right for Sotheby's to return to private ownership to continue on a path of growth and success."

Shares of Sotheby's were up more than 58% in pre-market trade on Monday.