One of the harshest battles between an activist investor and a company came to an end on Monday, when Sotheby’s announced it had reached a deal with hedge fund billionaire Dan Loeb. Third Point, run by Loeb, won a partial victory, securing three board spots and the removal of a poison pill that will allow it to raise its stake in the company to 15%, yet he didn’t manage to force embattled CEO Bill Ruprecht to ease his grip on the company, as he’s manage to hold on to his job while remaining president and chairman of the board of directors.
