Boaz Weinstein’s revised bid for Sculptor Capital Management Inc. includes language giving him “ultimate decision-making authority over investments.”
That’s among the reasons why the hedge fund firm still prefers its deal with Rithm Capital Corp. even though the Weinstein-led bid, at $12.76 a share, is $1.61 higher than Rithm’s, Sculptor said Thursday in a regulatory filing. Weinstein’s fellow bidders include billionaires Bill Ackman, Marc Lasry and Jeff Yass.
In the case of a disagreement over investments, Weinstein would be empowered to make the final decisions as well as have the “authority to add or remove members” of the office, according to the filing. Weinstein would also run a “tail hedging strategy” for New York-based Sculptor through Saba, for which he’d be paid a fee.Sculptor said “a number of clients” had already raised concerns about potential for changes to the investment team, while Rithm said it wouldn’t make any substantive alterations.
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