Nastassia Samal/iStock via Getty Images
Hedge fund titans Boaz Weinstein, Bill Ackman, and Marc Lowry revised their offer for Sculptor Capital Management (NYSE:SCU) to address some of the concerns of the board’s special committee. Sculptor rose 2% in after hours trading.
The Weinstein-led hedge fund group submitted its same $12.76 per share offer, though the revised bid included enhanced equity commitments, eliminated risks with debt financing, and included an increased break-up fee if the deal can’t be completed, according to a Bloomberg report late Wednesday, which cited people familiar with the matter.
The revised bid comes as Sculptor (SCU) has rejected bids from the hedge fund group even after the offer was increased late last month after earlier accepting a lower $11.15 per share deal with Rithm Capital (NYSE:RITM).
A Sculptor (SCU) spokesperson didn’t immediately respond to Bloomberg request for comment.
Sculptor (SCU) has said there’s a risk that the proposed debt financing, being provided by consortium members, for the deal wouldn’t close if circumstances changed before the closing.
More on Sculptor Capital Management
More on Sculptor Capital Management
Image and article originally from seekingalpha.com. Read the original article here.