Weinstein group revises Sculptor bid after board's concerns -Bloomberg News (updated)

Sculptor Capital Management

07/09/2023 01:38

(Adds background in paragraphs 3-5)
       Sept 6 (Reuters) - Wall Street investor Boaz Weinstein
and his group of bidders have revised their offer to buy hedge
fund firm Sculptor Capital Management  SCU.N , Bloomberg News
reported on Wednesday, citing people familiar with the matter.
    While Weinstein's bid remains at $12.76 a share, his group
has beefed up its equity commitments, eliminated risks
associated with debt financing, and increased the damages it
would pay if it fails to complete the transaction, the report
said.
    The group, called Bidder J, which includes Bill Ackman, Marc
Lasry and Jeff Yass, as well as Weinstein, made the offer for
Sculptor last month.
        Sculptor Capital Management and Weinstein's Saba Capital
Management didn't immediately respond to Reuters requests for
comment on Wednesday.                    
  
        Sculptor founder Dan Och and four other former
executives of the firm had pressed New York-based Sculptor in 
    August
     to release information about a more lucrative bid for the
company that it rejected in favor of sticking by a deal with
asset manager Rithm Capital  RITM.N .
        Sculptor chose to stay with Rithm's $11.15 per share
bid, saying the Bidder J offer had "significantly less certainty
of closing." 
  

 (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sandra
Maler and Leslie Adler)
 ((rishabh.jaiswal@thomsonreuters.com;))