|
|
B. G., Opalesque Geneva: After much drama within the ranks of the purchased company, Rithm Capital Corp. on Friday completed its previously announced acquisition of Sculptor Capital Management Inc. for $12.70 per Class A share in a transaction valued at approximately $719.8m. Furthermore, Sculptor's common stock will cease trading on the New York Stock Exchange and will be delisted.
Sculptor, formerly known as Och-Ziff Capital Management, launched last year a sale process intended to ease tensions between its founder Daniel Och and CEO Jimmy Levin, a one-time Och protege. According to the Financial Times, "the process instead resulted in litigation and rhetorical combat, highlighting the corporate governance challenges of companies set up as partnerships that subsequently list in public markets." The hedge fund was valued at $12bn when it went public in 2007.
In July this year, the board agreed to sell the firm to Rithm for $11.5 a share. Och attacked the deal, saying it was undervaluing the company, and joined a shareholder litigation.
Other bids came in, including a higher offer from a trio of hedge fund heavyweights - Boaz Weinstein, founder of Saba...................... To view our full article Click here
|
|
RSS
