Rithm holds firm on Sculptor bid, committee reviewing sweetened rival offer

Sculptor Capital Management

06/10/2023 24:47

By Svea Herbst-Bayliss
       NEW YORK, Oct 5 (Reuters) - 
    Real estate investment firm Rithm Capital  RITM.N  is
sticking by its original offer to buy Sculptor Capital
Management  SCU.N  agreed in July, even as the hedge fund's
special committee evaluates a sweetened bid from a consortium
headed by investor Boaz Weinstein, according to a regulatory
filing made on Thursday.
  
    The filing injects new drama into one of Wall Street's most
closely watched battles which will determine the future of
Sculptor, the biggest U.S. publicly traded hedge fund with $30
billion in assets.
    In the filing, Sculptor said Rithm on Wednesday was not
prepared to offer any improvements to the terms of the merger,
signed in July and offering to pay $11.15 a share or $639
million for the firm. The filing also said its special committee
was "continuing to evaluate" the bid made by Bidder J, a
consortium led by Weinstein and backed by billionaire hedge fund
managers.
        

 (Reporting by Svea Herbst-Bayliss; editing by Diane Craft)
 ((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters
Messaging: svea.herbst.thomsonreuters.com@reuters.net))