A group of investors led by Boaz Weinstein and other prominent hedge-fund managers has made an improved bid to buy Sculptor Capital Management, which has...
A group of investors led by Boaz Weinstein and other prominent hedge-fund managers has made an improved bid to buy Sculptor Capital Management Inc., which has already agreed to be bought by Rithm Capital Corp., the Wall Street Journal reported Sunday.
In July, Sculptor said it had agreed to be acquired by Rithm Capital for $11.15 a share in a deal valued at about $639 million, a premium of 18% for the stock price at the time. Weinstein manages Saba Capital Management, and his group reportedly includes Bill Ackman, founder of Pershing Square Capital Management, and Marc Lasry, chief executive of Avenue Capital Group. Financing is expected to come from their personal fortunes, not their firms, the Journal said.
The Journal reported Sunday that Weinstein’s group’s previous bid had been rejected by Sculptor, but it has since upped its bid to more than $12 a share. Sculptor shares SCU, -0.80% closed Friday at $11.20, and are up 29% year to date.
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