Asset manager Rithm to buy hedge fund Sculptor in about $720 mln deal (updated)

Sculptor Capital Management

27/10/2023 11:38

(Adds details and background throughout)
       Oct 27 (Reuters) - Real estate investment firm Rithm
Capital  RITM.N  will acquire hedge fund Sculptor Capital
Management  SCU.N  in a deal valuing the company at about $719.8
million, the companies said on Friday. 
    The latest offer of $12.70 per class A share represents a
nearly 6% increase from the previous offer Rithm made earlier
this month, and is 13.5% higher than the original bid of $11.15
per share. 
    Sculptor's board, acting on the unanimous approval and
recommendation of the company's special committee, has approved
the amended agreement and recommended that its stockholders vote
in its favor, the statement said. 
    The company had said earlier that it will accept a sweetened
bid from Rithm Capital. 
    

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Shinjini Ganguli)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))