Sotheby's to be taken private by French billionaire Patrick Drahi

FILE PHOTO: The logo of Sotheby’s auction house is seen at a branch office in Zurich, Switzerland October 25, 2016. REUTERS/Arnd Wiegmann/File Photo

(Reuters) – Art auction house Sotheby’s said on Monday it would be taken private for $2.66 billion by a company owned by Altice Europe founder Patrick Drahi.

Sotheby’s shareholders will receive $57 in cash per share held.

The offer represents a premium of 61% to Sotheby’s Friday close.

Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila

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source: reuters.com