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Dan Loeb's Third Point suing Sotheby's over poison pill

Dan Loeb to nominate three for Sotheby's board.
Simon Dawson (L) Mike Clark (R) | Getty Images

Daniel Loeb's Third Point on Tuesday sued Sotheby's to remove restrictions that blocked the hedge fund from acquiring up to 20 percent of the auction house's stock.

"The board rejected Third Point's request out-of-hand and continues to enforce the Poison Pill against Third Point," the hedge fund said in the suit which was filed in Delaware Chancery Court.

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