Sculptor Says Received Proposal From A Third Party, But Not Superior Proposal

(RTTNews) - Sculptor Capital Management Inc. (SCU) said that it has received an unsolicited proposal from a third party that had participated in the strategic alternatives process. The bidder has not demonstrated adequate committed funding for any of its bids.

According to the company, the latest bid's headline valuation is higher than the Rithm transaction, but the proposal only includes committed financing for less than half of the amount required to consummate the transaction and underestimates the amount that would be necessary by several hundred million dollars.

Therefore, Sculptor Capital Management's Special Committee has not determined that the bid is, or is reasonably expected to lead to a Superior Proposal.

As previously announced, the company's Board of Directors has unanimously approved the transaction with Rithm and has recommended that the Company's stockholders vote to approve it as well. The transaction is expected to close in the fourth quarter of 2023.

In July 2023, Rithm Capital Corp. (RITM) agreed to acquire Sculptor Capital Management Inc. (SCU) in a transaction valued at about $639 million, which includes $11.15 per Class A share of Sculptor.