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You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Sotheby’s (the “Company”) (NYSE: BID) stock to BidFair USA, an entity wholly owned by media and telecom entrepreneur and art collector, Patrick Drahi. Under the terms of the deal, shareholders, including employee shareholders, will receive $57.00 in cash per share of Sotheby’s common stock.
The Sotheby’s merger investigation concerns whether the Board of Sotheby’s breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether BidFair USA is underpaying for Sotheby’s shares, thus unlawfully harming Sotheby’s shareholders.
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