Title: Hedge Fund Investors Make Rival Offer to Acquire Sculptor Capital Management
Subtitle: Group Led by Boaz Weinstein Surpasses Previous Bid, Raising Stakes in Acquisition Battle
[City], [Date] – A group of hedge fund investors, spearheaded by Boaz Weinstein, has recently submitted a rival offer to purchase Sculptor Capital Management for $12 per share, eclipsing the previous bid of $11.15 per share. The investors, including prominent figures such as Bill Ackman and Marc Lasry, initially presented their offer during the sales process and have now upped the ante with the increased bid.
In an unexpected turn of events, the financing for this compelling offer is expected to be sourced from the personal funds of the investors themselves, deviating from the common practice of using their firms’ cash reserves. This strategic move adds weight to the investors’ ambition to acquire Sculptor Capital and potentially restructure its management to align with their own vision.
The revised offer comes on the heels of Daniel Och and a group of Sculptor Capital shareholders expressing their concerns that the agreement to sell the fund to Rithm Capital substantially undervalues the company. In response to these claims, Sculptor Capital released a statement recognizing that the new offer exceeds the sale price proposed by Rithm Capital. However, they contend that the financing presented by the Weinstein-led group is insufficient, and it underestimates the funds required to successfully close the transaction.
The Special Committee responsible for overseeing the sale process has yet to determine whether the new bid supersedes the previous agreement with Rithm Capital. This development has created a sense of anticipation as investors, shareholders, and industry analysts eagerly await the committee’s evaluation.
A letter written by Daniel Och and other shareholders alleges that potential bidders may have been excluded before the agreement with Rithm Capital was finalized. The letter also urges the committee to release all potential bidders from any restrictions preventing them from disclosing their offers in the public domain.
If the Weinstein-led group successfully secures the bid, it is widely expected that they will enact changes in the management structure of Sculptor Capital. Conversely, if the Rithm Capital deal prevails, current management will remain intact, albeit under new ownership.
As these developments unfold, the future ownership and direction of Sculptor Capital remain uncertain. The Bib Theorists will continue to closely follow this story and provide our readers with the latest updates as they emerge. Stay tuned for further developments in what promises to be an enthralling acquisition battle in the hedge fund industry.
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