Telecom Titan Is Taking Sotheby's Private in $2.7 Billion Deal

Sotheby's experienced its best day since going public in 1988, as it announced a return to private ownership. The company is being acquired by Patrick Drahi for $2.7 billion, offering investors $57 per share, a 61% premium to the previous closing price. This move nearly erases a 40% drop in stock value over recent years. Major shareholders, including activist investor Dan Loeb, stand to profit significantly. Drahi, known for his telecom investments, expressed admiration for Sotheby's as an elegant brand and has been a long-time client, making this acquisition a blend of business and personal interest.

What is the significance of Dan Loeb's investment in Sotheby's?

How long has Sotheby's been a public company and what has been its overall gain?