Komfie Manalo, Opalesque Asia:
Auction house Sotheby’s on Wednesday announced it would conduct a thorough review of its capital allocation and financial policies as part of the company's ongoing commitment to deliver exceptional shareholder value. The results are expected for early 2014.
The announcement came two weeks after activist hedge fund managers Daniel Loeb and Nelson Peltz revealed big stakes in the firm, Reuters reported.
Bill Ruprecht, Sotheby’s Chairman and CEO, commented, "As a practice, management and the Board have consistently focused on building long-lasting value for our shareholders and a platform to grow the business in a challenging and ever-evolving marketplace. As we have disclosed in the past, we continue to evaluate return of capital strategies, including potential share repurchases and/or an increase in dividends, while balancing the need to invest in the future of the Company and the Sotheby's brand to strengthen our competitive position and improve the unique services we provide to our clients."
He added that Sothebby’s assessment would take into account some key considerations including, but not limited to, the potential use of incremental d......................
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