2023-08-21 05:37:49
(Title reworded, added Pershing Square’s decline to comment in paragraph 8)
Aug 20 (Archyde.com) – Hedge fund firm Sculptor Capital Management SCU.N said on Sunday it had received an unsolicited offer from a third party that participated in a strategic alternatives process, but the offer did not state of “adequate committed funding”.
Sculptor, which last month agreed to be acquired (link) by asset manager Rithm Capital RITM.N for $639 million, had been considering a sale since last year amid a legal battle ( link) with its founder Daniel Och.
Rithm had said it would pay $11.15 per Class A share of the hedge fund.
The latest offer’s valuation is higher than Rithm’s deal, but the proposal only includes committed financing for less than half the amount needed for the transaction, Sculptor said in a statement, adding that the offer underestimates the amount that would be needed by “several hundred million dollars”
A special committee “has not determined that the offer is, or is reasonably likely to lead to, a superior proposal,” the hedge fund said, without naming the third party.
The Wall Street Journal reported (link) on Sunday that investors Boaz Weinstein, Bill Ackman and Marc Lasry made a rival bid for Sculptor.
Weinstein’s group submitted an offer for Sculptor which was rejected during the sale process and it later increased its offer to more than $12 a share, people familiar with the matter told the Journal.
Pershing Square Capital Management, Ackman’s company, declined to comment.
Weinstein’s Saba Capital Management and Lasry’s Avenue Capital Group did not immediately respond to Archyde.com requests for comment.
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