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Sotheby’s Stakeholders vote on plan to go private by end of 2019 and approve acquisition deal

It has been revealed that there was a stakeholder meeting at the Sotheby’s on Friday morning. The agenda for this meeting has been found out to be voting on the acquisition deal by Patrick Drahi. We already reported that Drahi has proposed a deal to Sotheby’s in order to acquire the auction house. Now, the stakeholders of Sotheby’s have voted in favour of the acquisition deal with 91% voting in favour of the deal.

In June, an acquisition agreement between Sotheby’s and the French-Israeli media mogul’s company BidFair USA was reached. At that time, the company was valued at $2.7 billion. Now, Sotheby’s says that the deal remains on track to be completed between October till the end of 2019.

In a press release, Sotheby CEO Tad Smith announced that “This is a historic moment for Sotheby’s and we are very pleased to have the validation of the company’s shareholders.” “Under the deal’s terms, shareholders (including employees with shares of the company) will receive $57 in cash per share of Sotheby’s stock. This puts the agreement’s enterprise value at $3.7 billion.”

Larry Gagosian said  “It’s certainly a vote of confidence for the art market. They are clearly banking on art prices continuing to rise.” when the deal was initially announced in Summer this year. This deal, once completed, would make Sotheby’s a privately held which will be for the first time since 1988. Also, this will put them in company with their competitors, Christie’s and Phillips.

“With my family, we are very enthusiastic to build together with its current management and their teams the future of Sotheby’s, a fascinating and multi-secular company with such a celebrated history of uniting people all over the world through culture and arts.” 55-year-old Drahi said in a statement when the acquisition agreement was reached in June with Sotheby’s