NEW YORK, Sept. 19, 2019 /PRNewswire/ -- Sotheby's
(NYSE: BID) announced today that all regulatory approvals required
for the acquisition of the Company by BidFair USA, an entity wholly owned by Patrick Drahi,
have been obtained. Sotheby's shareholders previously
approved the merger at a special meeting held in New York on September
5, 2019. The closing date of the merger is expected to
be on October 3, 2019, subject to the
satisfaction of customary closing conditions. The merger will
return Sotheby's to private ownership after 31 years as a public
company traded on the New York Stock Exchange.
As previously announced, upon completion of the merger,
Sotheby's shareholders, including employee shareholders, will
receive $57.00 in cash per share of
Sotheby's common stock in the transaction, which has an enterprise
value of $3.7 billion.
Forward-Looking Statements
Certain statements in this release may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995, each as amended. Forward-looking statements provide
current expectations of future events and include any statement
that does not directly relate to any historical or current
fact. Words such as "anticipates," "believes," "expects,"
"intends," "plans," "projects," or other similar expressions may
identify such forward-looking statements.
Actual results may differ materially from those discussed in
forward-looking statements as a result of factors, risks and
uncertainties over which we have no control. These factors,
risks and uncertainties include, but are not limited to, the
following: (i) conditions to the completion of the proposed
acquisition may not be satisfied; (ii) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the merger agreement between the parties to the
proposed acquisition; (iii) the effect of the announcement or
pendency of the proposed acquisition on Sotheby's business
relationships, operating results, and business generally; (iv)
risks that the proposed acquisition disrupts Sotheby's current
plans and operations and potential difficulties in Sotheby's
employee retention as a result of the proposed acquisition; (v)
risks related to diverting management's attention from our ongoing
business operations; (vi) potential litigation that has been or may
be instituted against Sotheby or its directors or officers related
to the proposed acquisition or the merger agreement between the
parties to the proposed acquisition; (vii) the amount of the costs,
fees, expenses and other charges related to the proposed
acquisition; and (ix) such other factors as are set forth in
Sotheby's periodic public filings with the SEC, including but not
limited to those described under the headings "Risk Factors" and
"Forward Looking Statements" in its Forms 10-K for the fiscal year
ended December 31, 2018 and in its
other filings made with the SEC from time to time, which are
available via the SEC's website at www.sec.gov.
Forward-looking statements reflect the views and assumptions of
management as of the date of this communication with respect to
future events. Sotheby's does not undertake, and hereby
disclaims, any obligation, unless required to do so by applicable
securities laws, to update any forward-looking statements as a
result of new information, future events or other factors.
The inclusion of any statement in this release does not constitute
an admission by Sotheby's or any other person that the events or
circumstances described in such statement are material.
About Sotheby's
Sotheby's has been uniting collectors
with world-class works of art since 1744. Sotheby's became the
first international auction house when it expanded from
London to New York (1955), the first to conduct sales in
Hong Kong (1973), India (1992) and France (2001), and the first international
fine art auction house in China
(2012). Today, Sotheby's presents auctions in 10 different
salesrooms, including New York,
London, Hong Kong and Paris, and Sotheby's BidNow program allows
visitors to view all auctions live online and place bids from
anywhere in the world. Sotheby's offers collectors the resources of
Sotheby's Financial Services, the world's only full-service
art financing company, as well as the collection, artist, estate
& foundation advisory services of its subsidiary, Art
Agency, Partners. Sotheby's presents private sale opportunities
in more than 70 categories, including S|2, the gallery arm of
Sotheby's Global Fine Art Division, and three retail businesses:
Sotheby's Wine, Sotheby's Diamonds, and Sotheby's Home, the online
marketplace for interior design. Sotheby's has a global network of
80 offices in 40 countries and is the oldest company listed on the
New York Stock Exchange (BID).
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New York
| +1 212 606 7176 | Lauren Gioia |
Lauren.Gioia@Sothebys.com | Darrell
Rocha | Darrell.Rocha@Sothebys.com
London | +44 (0) 207 293
6000 | Mitzi Mina |
Mitzi.Mina@Sothebys.com
Hong Kong | +852 2822
8140/5509 | Winnie Tang |
Winnie.Tang@sothebys.com
Investor Relations | +1 212 606 7176 | Jennifer Park |
Jennifer.Park@Sothebys.com
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SOURCE Sotheby's