Sculptor Capital Management Inc. was sued by a shareholder who says the company’s proposed $639 million acquisition by Rithm Capital Corp. is unfair to investors.
(Bloomberg) — Sculptor Capital Management Inc. was sued by a shareholder who says the company’s proposed $639 million acquisition by Rithm Capital Corp. is unfair to investors.
The shareholder, Yale David, sued in federal court in Manhattan to stop the transaction from going forward, saying that investors have been deprived of the information needed to decide whether to vote in favor of the deal — including the sales process and financial projections for Sculptor.
Sculptor accepted Rithm’s bid of $11.15 a share in July, rejecting a rival offer from a group including Boaz Weinstein, Bill Ackman, Marc Lasry and Jeff Yass. That group on Thursday revised their $12.76-a-share offer by beefing up its equity commitments, eliminating risks associated with debt financing and increasing the damages it would pay if it fails to complete the transaction, people familiar with the matter told Bloomberg.
Former Sculptor Chief Executive Officer Rob Shafir, one of the company’s largest shareholders, also opposes the sale to Rithm, saying that the rival offer is “clearly superior.”
A spokesperson for Sculptor didn’t immediately respond to an email seeking comment.
Read more: Weinstein Group Revises Sculptor Bid After Board’s Concerns
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