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Monday, June 17, 2019

-=Sotheby's (BID) to be acquired by Patrick Drahi for $57/share

  • Altice founder Patrick Drahi’s privately held BidFair USA will acquire the auction house in a cash deal with an enterprise value of $3.7 billion, Sotheby’s said Monday in a news release.

Sotheby's to be acquired by Patrick Drahi for $57/share in cash, or $3.7 bln 
The closing of the deal is subject to customary conditions, including regulatory clearance and shareholder approvals, but is not subject to the availability of financing. The transaction is expected to close in the fourth quarter of 2019 following shareholder approval. The offer price represents a premium of 61% to Sotheby's closing price on June 14, 2019, and a 56.3% premium to the company's 30 trading-day volume weighted average share price. The transaction would result in Sotheby's returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

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