Sotheby's BID today
announced that the Board of Directors is conducting 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
to be presented to investors in early 2014.
During the past several years, Sotheby's prudent management and strong
financial performance has generated meaningful capital, which the Company has
used to invest in strategic initiatives, strengthen the balance sheet, and
build adequate liquidity to pursue transaction opportunities such as lending
and auction guarantees. This strong performance and stewardship has also
driven a share price increase exceeding the Standard & Poor's Midcap index
over the one, five and ten year periods.
A robust capital allocation review is the natural next step of the Company's
ongoing efforts to optimize the balance sheet, improve the cost of capital and
manage financial policies in a way that supports Sotheby's strategy and
delivers outstanding value to shareholders.
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