Loeb Legal Team Says Sothebys Shows "Disdain" In Poison Pill Bid

Activist hedge fund Third Point is suing auction house Sothebys (NYSE:BID) over its adoption of a poison pill provision that would prevent passive investors from purchasing more than 20% of the company. Third point blocked from holding 20% Third Point currently owns 9.6% of the firm and is engaged in what is becoming a rather aggressive takeover battle.  Third Point said Sothebys (NYSE:BID) refused to amend the terms of its plan so the hedge fund could boost its stake to 20%, which led to the lawsuit. Sothebys board expresses “unanimous support” for CEO Responding to the lawsuit, CNBC’s Scott Wapner reports that Sothebys…