Sotheby's Gives In To Third Point Hedge Fund Manager Daniel Loeb's Demands For Board Seats

International art auction house Sotheby's (NYSE: BID) said Monday it has agreed to add hedge fund activist investor Daniel S. Loeb and two of his colleagues as director nominees to its board, ending a months-long battle. The settlement was reached a day before investors were scheduled to vote on director nominees and is a clear win for Loeb and his Third Point hedge fund.