Sothebys to sell for $3.7 billion, go private

Sotheby’s (NYSE: BID) announced this morning that the firm’s board of directors agreed to be acquired in whole, and taken private, by art collector and media entrepreneur Patrick Drahi. Shareholders will receive $57 per share, about 60% over the stock price close on Friday.

by John Feigenbaum l Published on June 17, 2019

Sotheby’s (NYSE: BID) announced this morning that the firm’s board of directors agreed to be acquired in whole, and taken private, by art collector and media entrepreneur Patrick Drahi. Shareholders will receive $57 per share, about 60% over the stock price close on Friday. According to WikiPedia (link) Mr. Drahi is a resident of Geneva, Switzerland, with a net worth over $10 billion as of 2015. It will be very interesting to see how this development affects M&A among other large auction companies like Christie’s, Heritage, and eBay.

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Author: John Feigenbaum

John Feigenbaum image The President, CEO and managing partner at CDN Publishing, John Feigenbaum, has been a professional numismatist since 1979. Formerly president of David Lawrence Rare Coins, John has taken on Publishing and executive responsibilities for CDN Publishing. John has written for numerous trade publications and published "The Complete Guide to Washington Quarters" in 1991. In 2014, John received the PNG Abe Kosoff Founders Award for "his steadfast dedication to the entire numismatic community".