Consortium-Backed By Billionaires Boaz Weinstein, Bill Ackman Revise Sculptor Capital Bid As Board Shows Concern
Portfolio Pulse from Vandana Singh
A consortium led by Boaz Weinstein and including billionaires Bill Ackman, Marc Lasry, and Jeff Yass, has revised its purchase offer for Sculptor Capital Management Inc (NYSE:SCU) to address concerns raised by the board's special committee. The consortium increased its offer by 51 cents per share and strengthened its equity commitments, removed risks associated with debt financing, and increased the damages it would pay if the transaction fails. Sculptor had previously accepted a lower bid from Rithm Capital Corp (NYSE: RITM).
September 07, 2023 | 11:49 am
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POSITIVE IMPACT
Sculptor Capital Management has received a revised higher bid from a consortium led by Boaz Weinstein. The new offer addresses concerns raised by the board's special committee.
The revised offer from the consortium is higher than the previously accepted bid from Rithm Capital Corp. This could potentially lead to a bidding war, which is usually beneficial for the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Rithm Capital Corp's previously accepted bid for Sculptor Capital Management is now being challenged by a higher offer from a consortium led by Boaz Weinstein.
The revised higher offer from the consortium for Sculptor Capital Management challenges the previously accepted bid from Rithm Capital Corp. This could potentially lead to a bidding war, which might not be beneficial for Rithm's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80