Rithm Capital Agrees To Buy Sculptor After Raising Bid Price

(RTTNews) - Rithm Capital Corp. (RITM), an investment manager, Friday said it has entered into an amended agreement with alternative asset manager Sculptor Capital Management Inc. (SCU) to buy Sculptor for $12.70 per share, up 13.9% from the previous bid of $11.15 per share announced on July 24.

The transaction, valued about $719.8 million, is expected to close shortly after the Sculptor stockholders' meeting that is scheduled on November 16.

After Sculptor's announcement of sale in July this year, its founding partners including Daniel S. Och, Harold Kelly, Richard Lyon, James O'Connor and Zoltan Varga had sued the company saying the bid undervalues Sculptor.

"As part of the amended agreement, Daniel S. Och and other former EMDs have executed a transaction support agreement under which they will vote their shares, about 15.2%, in favor of the Transaction. The group has also agreed to dismiss their pending litigation with prejudice," Rithm Capital said.

Rithm has also agreed to waive Sculptor's client consent condition with respect to all Sculptor funds, provided that the closing of the Transaction occurs on or prior to November 17.