A group of influential hedge-fund managers, led by Boaz Weinstein, has made an enticing offer to acquire Sculptor Capital Management Inc. According to the Wall Street Journal, this bid comes after Sculptor had already agreed to be purchased by Rithm Capital Corp.
A Better Deal on the Table
In July, Sculptor announced that it had accepted an acquisition offer from Rithm Capital worth $11.15 per share. This deal was valued at approximately $639 million, presenting an 18% premium compared to the stock price at that time.
Prominent Investors Join Forces
Boaz Weinstein's Saba Capital Management leads the investor group behind this improved bid. Notable participants include Bill Ackman of Pershing Square Capital Management and Marc Lasry, the CEO of Avenue Capital Group. It is worth mentioning that the financing for this deal is expected to come from the personal fortunes of these individuals, rather than their respective firms.
According to the Journal, Sculptor had initially rejected Weinstein's group's previous bid. However, they have now increased their offer to over $12 per share in a strong display of determination. As of Friday's market close, Sculptor shares were valued at $11.20, marking a 29% increase since the beginning of the year.