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BID - A Competing Offer For Sotheby's Is Not Unlikely
Sotheby's
Last week auction house Sotheby's (BID) agreed to an offer to be acquired by BidFair USA an entity wholly owned by Patrick Drahi the chairman and largest shareholder of both Altice Europe NV (ALVVF;ALLVF;ALTCY) and Altice USA Inc. (ATUS). Under the proposal, shareholders would receive $57 per share which equals a more than 60 percent premium on its share price prior to the announcement (closing price on June 14th). Including debt the deal would reach a total volume of about $3.7 billion.