Sotheby’s Investors Sue to Block $2.7 Billion BidFair Offer (1)

Two Sotheby’s shareholders are asking a New York judge to block the planned $2.7 billion purchase of the auction house by French telecom titan and art collector Patrick Drahi’s BidFair USA.

The investors filed lawsuits this week in federal court in New York, claiming incomplete and misleading disclosures about the deal. They’re seeking to block the companies from going forward with the transaction at least until there are further disclosures, and they’ve asked for unspecified damages.

On June 16, Drahi agreed to buy the 275-year-old firm, ending Sotheby’s three decades as a public company. Under the deal, investors will receive ...