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Expert Analysis

Sotheby's Lessons On Poison Pills And Proxy Wars

Law360, New York ( May 9, 2014, 12:51 PM EDT) -- On May 2, 2014, the Delaware Chancery Court denied a motion to preliminarily enjoin Sotheby's annual stockholder meeting based on allegations by an activist stockholder, Third Point LLC, that the Sotheby's board of directors violated its fiduciary duties by adopting a rights plan (or "poison pill") and refusing to provide a waiver from its terms in order to obtain an advantage in an ongoing proxy contest....

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