HomeMarket NewsBoaz Weinstein and Ackman Group Submit Revised Bid for Sculptor Capital

Boaz Weinstein and Ackman Group Submit Revised Bid for Sculptor Capital

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Hedge fund magnates Boaz Weinstein, Bill Ackman, and Marc Lowry have made a revised offer to acquire Sculptor Capital Management (NYSE:SCU) addressing certain concerns raised by the board’s special committee. Following the announcement, Sculptor’s stock rose 2% in after-hours trading.

The Weinstein-led hedge fund consortium has maintained their offer of $12.76 per share, but the revised bid includes improved equity commitments and eliminates potential risks associated with debt financing. Additionally, the new offer features an increased break-up fee in the event that the deal cannot be completed. These details were reported by Bloomberg, which cited individuals familiar with the matter.

Sculptor Capital Management had previously rejected bids from the hedge fund group, even after an earlier increase in the offer to $11.15 per share. The company had accepted a lower offer of $11.15 per share from Rithm Capital (NYSE:RITM).

A spokesperson for Sculptor Capital Management did not immediately respond to Bloomberg’s request for comment.

Sculptor Capital Management has expressed concerns about the proposed debt financing from consortium members, highlighting the risk that the financing may not be secured if circumstances change before the closing of the deal.

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