Weinstein group revises Sculptor bid after board's concerns -Bloomberg News
Reuters
Published Sep 06, 2023 08:59PM ET
(Reuters) - Wall Street investor Boaz Weinstein and his group of bidders have revised their offer to buy hedge fund firm Sculptor Capital Management (NYSE:SCU), Bloomberg News reported on Wednesday, citing people familiar with the matter.
While Weinstein's bid remains at $12.76 a share, his group has beefed up its equity commitments, eliminated risks associated with debt financing, and increased the damages it would pay if it fails to complete the transaction, the report said.
The group, called Bidder J, which includes Bill Ackman, Marc Lasry and Jeff Yass, as well as Weinstein, made the offer for Sculptor last month.
Sculptor Capital Management and Weinstein's Saba Capital Management didn't immediately respond to Reuters requests for comment on Wednesday.
Sculptor founder Dan Och and four other former executives of the firm had pressed New York-based Sculptor in August to release information about a more lucrative bid for the company that it rejected in favor of sticking by a deal with asset manager Rithm Capital.
Sculptor chose to stay with Rithm's $11.15 per share bid, saying the Bidder J offer had "significantly less certainty of closing."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.