A PYMNTS Company

Singapore/US: Sotheby’s Holder Shanda gets antitrust approval

By  |  May 18, 2016

Sotheby’s shareholder Shanda is poised to increase its stake in the struggling auction house.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Tianqiao Chen, founder and chairman of the Singapore-based Shanda investment group, and Chrissy Qian Qian Luo, the co-founder, received US antitrust approval to complete a transaction with Sotheby’s, according to a May 17 notice from the Federal Trade Commission. The nature of the deal wasn’t disclosed. Shanda held a 2 percent stake in the company as of March 31.

    Sotheby’s has lost more than one-third of its value in the past year and key executives departed as Chief Executive Officer Tad Smith has attempted a turnaround. The New York-based company said on May 9 that an investor may increase its stake to as much as 10 percent, fueling speculation that Sotheby’s could be acquired or taken private. The company declined to name the investor.

    Companies must get approval from antitrust agencies for deals valued at more than $76.3 million. Shanda’s stake was valued at $31 million at the end of March.

    Shanda reported its initial acquisition of 594,544 Sotheby’s shares at the end of December. Shanda Group’s main lines of investments are in private equity, public markets and real estate, according to its website.

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.