Weinstein group revises Sculptor bid after board’s concerns -Bloomberg News

Founder and CIO at Saba Capital Management Weinstein speaks during the SALT conference in Las Vegas

Boaz Weinstein, founder and chief investment officer at Saba Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian Acquire Licensing Rights

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 reportsaid.

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

Our Standards: The Thomson Reuters Trust Principles.

Acquire Licensing Rights, opens new tab
source: reuters.com