WHEN: Today, Tuesday, March 25th
WHERE: CNBC's "Fast Money"
Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.
SCOTT WAPNER: WE KNOW NOW THAT THIS STORY HAS TAKEN AN INTERESTING NEW TURN WITH LOEB FILING SUIT IN DELAWARE QUESTIONING THE LEGALITY OF THE POISON PILL. I CAN TELL YOU FROM SOME REPORTING THAT I HAVE DONE SINCE THIS NEWS BROKE, THAT SOTHEBY'S BOARD BELIEVES THAT THE POISON PILLS PROTECTS EXISTING SHAREHOLDERS. ALL OF THIS COMING FROM A SOURCE WITH KNOWLEDGE OF SORT OF THE BOARD'S THINKING IN ALL OF THIS. THAT SOTHEBY'S BOARD IS UNANIMOUS IN ITS SUPPORT OF CEO WILLIAM RUPRECHT, REMEMBER FROM THE VARIOUS LETTERS THAT LOEB HAS RELEASED, HE HAS REALLY TAKEN AIM AT THE CEO OF SOTHEBY'S. THE BOARD, I'M TOLD, REMAINS UNANIMOUS IN ITS SUPPORT OF THAT GENTLEMEN. THE BOARD ALSO QUESTIONS THE TIMING OF MR. LOEB'S ACTIVISM GIVEN THE RECENT SUCCESSES THAT THE COMPANY HAS HAD. THE COMPANY BELIEVES THAT CHALLENGES ARE AHEAD, BUT ALSO BELIEVES IT IS CONFRONTING THOSE ISSUES I'M TOLD. AND I'M ALSO TOLD THAT SOTHEBY'S WAS PRETTY SURPRISED WHEN LOEB TURNED DOWN THEIR OFFER TO JOIN THE BOARD. REMEMBER, THEY DID EXTEND AN OFFER FOR LOEB TO TAKE A BOARD SEAT. HE IN TURN WANTED THREE BOARD SEATS. SO HE TURNED DOWN THEIR OFFER. I'M TOLD THEY WERE SURPRISED BY THAT AND THAT SOMEONE ON SOTHEBY'S BOARD BELIEVE THAT LOEB COULD HAVE MADE A POSITIVE CONTRIBUTION IN MOVING FORWARD HERE. SO, THIS IS AN INTERESTING NEW DEVELOPMENT HERE AND WE WILL SEE WHERE IT PLAYS OUT FROM HERE. BUT AT LEAST THIS GIVES YOU A LITTLE BIT OF COLOR ON THE SOTHEBY'S SIDE OF THE STORY. AS LOEB THROWS HIS NEXT PUNCH IN A DELAWARE COURTROOM.
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