August 26, 2013 / 9:12 PM / 6 years ago

Third Point increases stake in Sotheby's to 5.7 pct - filing

NEW YORK, Aug 26 (Reuters) - Activist investor Daniel Loeb’s hedge fund Third Point LLC increased its stake in Sotheby’s to 5.7 percent of the auction house’s shares, a regulatory filing showed on Monday.

Loeb’s New York-based hedge fund said in the filing with the Securities and Exchange Commission that it intends to communicate with the board or management of Sotheby’s on matters such as potential changes in strategy and leadership.

Loeb’s Third Point first took a stake of 500,000 shares in Sotheby’s in the first quarter, and increased its stake by 2 million shares in the second quarter, regulatory filings show.

The hedge fund now owns more than 3.9 million shares in the auctioneer, according to Monday’s 13D filing. Shares of Sotheby’s were up nearly 3 percent to trade at $47.21 per share at the close of trading Monday.

Loeb is not the only activist investor to recently take a large stake in the company.

Nelson Peltz of Trian Fund Management took a new stake of roughly 2.1 million shares in the auctioneer in the second quarter, quarterly regulatory filings have shown.

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