Och pushes Sculptor for sweetened takeover bid details (updated)

Sculptor Capital Management

04/10/2023 24:11

(Adds statement, details about bids after first paragraph)
       NEW YORK, Oct 3 (Reuters) - 
    Dan Och and other former Sculptor Capital Management  SCU.N 
executives on Tuesday urged the hedge fund to release details
about a sweetened rival takeover bid reportedly larger than its
agreed sale price of around $639 million in July.
    Investors Boaz Weinstein, Bill Ackman, Marc Lasry and Jeff
Yass - members of a group called Bidder J - recently raised
their bid from a previous $12.76 per share, sources familiar
with the matter said.
        However, Sculptor, which oversees $30 billion in assets
and is the biggest U.S. publicly traded hedge fund, has chosen
to stick with Rithm Capital Group's $11.15 per share bid.
Bloomberg on Monday reported that Rithm has held talks with
Sculptor about increasing its offer.
  
        "At a minimum Sculptor should disclose the facts as the
stock is trading and shareholders have a right to know," Och and
the others said in a statement to Reuters.
  
        "Based on what we have read, we believe that the revised
offer is more attractive than the $11.15 Rithm deal."
  
        Sculptor's stock climbed more than 7% on Tuesday to end
at $12.22.
  
        A representative of Sculptor was not immediately
available for comment.
  


 (Reporting by Svea Herbst-Bayliss; Editing by Mark Porter and
Richard Chang)
 ((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))