Sculptor Capital Management Inc. spurned an unsolicited bid from a group of hedge fund giants including Boaz Weinstein and Bill Ackman.
(Bloomberg) — Sculptor Capital Management Inc. spurned an unsolicited bid from a group of hedge fund giants including Boaz Weinstein and Bill Ackman.
“This bidder has not demonstrated adequate committed funding for any of its bids,” the publicly traded hedge fund said in a statement, without identifying the bidders. The Wall Street Journal reported a group led by Weinstein bid more than $12 a share, topping an existing offer at $11.15 a share.
Sculptor didn’t identify the names of the bidding group in its statement, and said it “only includes committed financing for less than half of the amount required to consummate the transaction and underestimates the amount that would be necessary by several hundred million dollars.”
The statement comes after Rithm Capital Corp. agreed in July to buy Sculptor in a deal valued at about $639 million, which is expected to be completed in the fourth quarter. The company had been embroiled in litigation with Dan Och over pay packages given to Sculptor Chief Executive Officer Jimmy Levin. The two resolved the legal dispute last year, and Sculptor formed a special committee to explore potential transactions.
Och co-founded Sculptor before stepping down as chief executive officer in 2018.
Ackman declined to comment. Marc Lasry and Weinstein didn’t reply to requests for comment.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.