By Svea Herbst-Bayliss
NEW YORK (Reuters) – Real estate investment firm Rithm Capital is sticking by its original offer to buy Sculptor Capital Management agreed in July, even as the hedge fund’s special committee evaluates a sweetened bid from a consortium headed by investor Boaz Weinstein, according to a regulatory filing made on Thursday.
The filing injects new drama into one of Wall Street’s most closely watched battles which will determine the future of Sculptor, the biggest U.S. publicly traded hedge fund with $30 billion in assets.
In the filing, Sculptor said Rithm on Wednesday was not prepared to offer any improvements to the terms of the merger, signed in July and offering to pay $11.15 a share or $639 million for the firm. The filing also said its special committee was “continuing to evaluate” the bid made by Bidder J, a consortium led by Weinstein and backed by billionaire hedge fund managers.
(Reporting by Svea Herbst-Bayliss; editing by Diane Craft)
