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business

Artnet Cash on Hand Drops to $901,000

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Skates Art Market Research has a new report out today that analyzes a recent financial disclosure by online data and auction house Artnet, which notes that the company’s cash on hand has dropped from $2.7 million, at the beginning of this year, to $901,000. Read More

business

Redline Announces Artnet Share Price for Hostile Takeover, Loses Ally

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On Friday afternoon, Redline Capital Management SA announced the price it is planning to offer Artnet shareholders as part of its long-planned hostile takeover of the company. In the art investment newsletter Skate’s, founded by Sergey Skaterskhov, who has led the takeover efforts on behalf of Redline, it was announced that the company will pay “EUR 6.4 per share, a generous 33% premium to artnetAG’s current share price (as of closing on August 30, 2012).” The exact nature of the offer has led both sides to claim victory, though Bloomberg declared the deal dead in the water following last month’s Annual General Meeting of shareholders. Read More

business

Neuendorf ‘Poison Pill’ Passes, Complicating Takeover

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The takeover attempt at Artnet AG grew more complicated today as shareholders at the company’s annual meeting in Germany passed a measure that allows no major changes at the company without approval of its current owners. Longtime Artnet CEO Hans Neuendorf, whose son Jacob Pabst now holds that title, currently has control of the company, owning about 26 percent of it, and the measure passed today gives the Neuendorf family veto power over many business decisions at Artnet, calling for a 75 percent majority where previously a 50 percent majority would have sufficed. Read More

business

Skate’s Resumes Artnet Analysis, Calls Magazine Closure ‘a Mistake’

Skaterschikov. (Courtesy Skate's)

Art investment newsletter Skate’s, founded by analyst Sergey Skaterschikov, resumed its analysis of Artnet AG today with a special-edition report that lays out a new vision for the company. Skate’s had stopped its analysis of Artnet a few months ago following major investments in the company by Redline Capital Management S.A., where Mr. Skaterschikov sits on the board. Since that time Redline and art investor Rüdiger Weng have made a tender offer for the company, and since such actions have all been publicly declared, the new report explains, Stake’s sees no reason not to weigh in on the current goings on of the company. Read More

business

Redline Announces Artnet Takeover Plans

Jacob Pabst. (Courtesy Artnet)

Earlier this week, the Luxembourg-based Redline Capital Management S.A. announced its plans to lead a voluntary takeover of Artnet AG. Details of the tender offer for the company, like the share price Redline is prepared to pay for it, have not yet been announced, though in accordance with German finance law they will be forthcoming within the next four weeks. Read More