An investigation on behalf of investors of Sotheby’s (NYSE: BID) in connection with the proposed takeover was announced and NYSE: BID stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/26/2019 -- An investigation was announced concerning whether the takeover of Sotheby's is unfair to NYSE: BID stockholders.
Investors who purchased shares of Sotheby's (NYSE: BID) and currently hold any of those NYSE: BID shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Sotheby's breached their fiduciary duties owed to NYSE: BID investors in connection with the proposed acquisition.
New York based Sotheby's operates as an auctioneer of authenticated fine art, decorative art, jewelry, wine, and collectibles in the United States, the United Kingdom, Hong Kong, China, Switzerland, France, and internationally. On June 17, 2019, Sotheby's (NYSE: BID) announced that it has signed a merger agreement to be acquired by BidFair USA. Under the terms of the agreement, shareholders, including employee shareholders, will receive $57.00 in cash per share of Sotheby's common stock in a transaction with an enterprise value of $3.7 billion.
However, given that NYSE: BID shares rose to as high as $59.03 per share on June 21, 2019, the investigation concerns whether the offer is unfair to NYSE: BID stockholders. More specifically, the investigation concerns whether the Sotheby's Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Sotheby's (NYSE: BID) closed on June 21, 2019, at $58.92 per share.
Those who are current investors in Sotheby's (NYSE: BID) shares have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.