Sotheby's To Be Acquired By BidFair, Shares Rise 60%

Sotheby’s BID shares traded sharply higher Monday morning after the company announced it will be acquired by BidFair for $57 per share in cash.

The offer price represents a premium of 61% to Sotheby's closing price on Friday.

"Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby's, I want to welcome him to the family," said Sotheby's CEO Tad Smith. "He has a long-term view and shares our brand vision for great client service and employing innovation to enhance the value of the company for clients and employees. This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment."

Sotheby’s shares were trading up 57% at $55.75 at time of publication. The stock last closed at $35.39 per share.

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Photo credit: Sothebys1744, Wikimedia