Sothebys to sell for $3.7 billion, go private

Sotheby’s (NYSE: BID) announced this morning that the firm’s board of directors agreed to be acquired in whole, and taken private, by art collector and media entrepreneur Patrick Drahi. Shareholders will receive $57 per share, about 60% over the stock price close on Friday. According to WikiPedia (link) Mr. Drahi is a resident of Geneva, Switzerland, with a net worth over $10 billion as of 2015. It will be very interesting to see how this development affects M&A among other large auction companies like Christie’s, Heritage, and eBay.