Sculptor Capital says unsolicited bids received do not constitute a superior proposal (updated)

Sculptor Capital Management

30/08/2023 21:43

(Adds details from release in paragraphs 3 and 6, background in
paragraphs 2,4-5)
       Aug 30 (Reuters) - Hedge fund firm Sculptor Capital
Management  SCU.N  said on Wednesday the revised unsolicited
proposals it had received from a consortium of bidders led by
the founder of "Bidder J" does not constitute a superior
proposal.  
    Last week, the company had said it had received an
unsolicited bid from a third party that had participated in a
strategic alternatives process, but the bid did not show
"adequate committed funding".
        The hedge fund said "notwithstanding the proposed price
of $12.76 per Class A Share, the special committee cannot
support a transaction that has significantly less certainty of
closing than the transaction with Rithm."
    Asset manager Rithm Capital  RITM.N  had agreed to acquire
Sculptor Capital for $639 million in July. Rithm had said that
it would pay $11.15 per class A share of the hedge fund.
    Sculptor has been exploring a sale since last year, amid a
legal battle with its founder Daniel Och.
        On Wednesday, the company's board reaffirmed the
recommendation for the proposed transaction with Rithm. 

 (Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh
Kuber)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))