Third Point sues Sotheby's over Poison Pill

BOSTON, March 25 Tue Mar 25, 2014 4:02pm EDT

BOSTON, March 25 (Reuters) - Daniel Loeb's Third Point on Tuesday sued Sotheby's to remove restrictions that blocked the hedge fund from acquiring up to 20 percent of the auction house's stock.

"The Board rejected Third Point's request out-of-hand and continues to enforce the Poison Pill against Third Point," the hedge fund said in the suit which was filed in Delaware Chancery Court.

(Reporting by Svea Herbst-Bayliss; Editing by Richard Valdmanis)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article