Artnet Turns Down Takeover Bid

  • Artnet refused a takeover bid,

    Artnet refused a takeover bid,

Publicly-traded online auction price database and art platform Artnet refused a takeover bid from Redline Capital Management SA yesterday.

Management and the supervisory board of Berlin-based Artnet unanimously voted not to accept the August 31, 2012, offer of compensation of EUR 6.40 per share from Redline.

In a statement, Artnet said that "the bid price does not adequetly reflect the present position of the artnet group, especially given the investments given in recent years and the resulting growth prospects of the group."

Artnet shuttered its online art news magazine in June 2012. A shake-up at the top ensued that month when founder Hans Neuendorf was replaced with Jacob Pabst as CEO.

Pabst is focusing on sales and marketing, including the development of artnet Auctions and artnet Analytics.

In 2011, Artnet Group achieved revenues of 13.3 million euros. In the first quarter of 2012, sales of online auctions increased year over year by 37% to 4.7 million euros.

More News Feed Headlines

Southern California Coast by George Symons (1861-1930) Oil on canvas – 40 x 50 inches.  The Irvine Museum Collection at the University of California, Irvine

ARTFIXdaily Closed March 18 to 22

  • March 17, 2019 22:17

ARTFIXdaily is closed this week for maintenance. E-newsletter service will resume on March 25. ...

Read More

University of Arizona Museum of Art in Tuscon will once again display de Kooning's Woman-Ochre after a restoration and exhibit at the Getty.  The painting was stolen in 1985, and found in 2017 at an estate sale.

This Week: A Stolen-Found De Kooning Resurfaces, and Police Fool Thieves With Fake Brueghel

  • March 14, 2019 12:23

Willem de Kooning's 'Woman-Ochre,' recently rediscovered in an estate sale after being stolen ...

Read More

Silicon Valley Plans to Erect a Monument to Itself

  • March 11, 2019 22:24

Silicon Valley has a new initiative underway for a landmark that speaks to the tech hub's ...

Read More

Will Barnet, Self-Portrait, 1981, was part of the exhibition "Will Barnet at 100" – the artist’s first New York museum retrospective – at the National Academy Museum on Sept.  16-Dec.  31, 2011.  Barnet received a 2011 National Medal of Arts on Feb.  13, 2012

Another Year Passes Without National Medal of Arts Awards

  • March 05, 2019 22:18

The White House's prestigious annual recognition of American artists, the National Medal of Arts ...

Read More

 

ArtfixDaily Artwire