Hedge fund billionaire Dan Loeb and publicly-traded Sotheby's have reached a deal after a bitter battle, the auction house announced on Monday. The truce is a partial win for Loeb, the activist investor whose Third Point will get three board seats. Loeb also got a poison pill provision lifted allowing him to get a 15% stake in the company. He lost his battle to remove CEO and board chairman William Ruprecht.

There will now be 15 seats on Sotheby's board, with two added for the nominees. Loeb agreed to refrain from a proxy battle, and cease litigation over the poison pill that Sotheby's initiated to keep more control.

The announcement came a day before Sotheby's annual meeting and 2 weeks prior to the major post-War and contemporary art auctions in New York.