Hedge fund investor Boaz Weinstein is leading a rival group of bidders that includes Bill Ackman and Marc Lasry to acquire Sculptor Capital Management, the investment group in a battle with its founder over executive pay and its decision to sell itself to Rithm Capital.
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.
Their offer represents an almost 8 per cent premium to the $11.15 per class A share, about $639mn, agreed by New York-based real estate group Rithm Capital in July. Sculptor’s founder Daniel Och wrote a letter to the company’s board of directors last week expressing his frustration at how the sales process had been handled.
Read the full story on the Financial Times here.