Sothebys (NYSE: BID) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure
Common Stock Repurchase Program
On November26, 2018, the Board of Directors of Sotheby’s approved a $100 million increase to the Company’s share repurchase authorization. There was a minimal amount remaining from prior share repurchase authorizations. Management expects to begin to repurchase shares of Sotheby’s Common Stock immediately under this increased authorization through open market purchases and/or accelerated share repurchase agreements, subject to the factors described in the following paragraph.
The timing of share repurchases and the actual amount purchased will depend on a variety of factors including the market price of the Company’s Common Stock, general market and economic conditions, and other corporate considerations. Repurchases may be made to plans intended to comply with Rule 10b5-1 under the Exchange Act, which could allow the Company to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The repurchase authorization does not require the purchase of a specific number of shares and is subject to suspension or termination by the Company’s Board of Directors at any time.
Forward Looking Statements
This Form 8-K contains certain forward looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) relating to future events and the financial performance of the Company. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performances will differ materially from such predictions. Major factors, which the Company believes could cause the actual results to differ materially from the predicted results in the “forward-looking statements” include, but are not limited to, the overall strength of the global economy and financial markets, political conditions in various countries, competition with other auction houses and art dealers, the amount and quality of property available for consignment and the marketability at auction of such property. Please refer to the Company’s most recently filed Form 10-K for a complete list of Risk Factors.