Boaz Weinstein, the famous Hedge Fund investor, is leading a rival group of investors, including Bill Ackman and Marc Lasry, to acquire Sculptor Capital Management. The latter is an investment group that is battling over executive pay with its founder. The company is also battling its decision to sell itself to another group named Rithm Capital.
According to Financial Times,
“Weinstein, the founder of Saba Capital, is working with Pershing Square’s Ackman and Lasry of Avenue Capital Group to make a rival offer of just over $12 a share for Sculptor, said three people familiar with the matter. The deal would be funded by personal cash, not money from their investment groups, they said.”
The offer that the group of rivals put forth represents an almost 8% premium to the $11.15 per share of type Class A, which amounts to $639 million. The amount is agreed upon by Rithm Capital, which is a real estate group based in New York.
However, on the other hand, Daniel Och, the founder of Sculptor Capital Management, last week wrote a letter to the Board of Directors. In the letter, he expressed his frustration with the handling of the sales processes.
Furthermore, in the letter, Och also cautioned about potential bidders that were excluded from the process before the Rithm transaction was announced. He also talked about bidders that were looking to buy Sculptor for a higher value.
In addition to that, as per reports of Wall Street Journal, on Sunday, Sculptor released a statement where they acknowledged that the company received an unsolicited bid from a third party. They also announced that the bidder had been previously associated with the sales process.