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Och blocked higher bid than Rithm offer, says Sculptor

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Sculptor Capital Management received multiple takeover bids in excess of the $639m offer it accepted from Rithm Capital Corp last month – some valuing the firm at more than $700m – according to a report by Bloomberg.

The report cites a proxy statement made by Sculptor on Monday as revealing that some of the higher-value bids were either withdrawn, or rejected by the firm due to unacceptable conditions, or, in the case of a reported $12-a-share offer by hedge fund managers Boaz Weinstein, Marc Lasry and Bill Ackman, because the purchasers “lacked adequate committed funding”.

And according to the filing, in one case, the firm’s co-founder Dan Och – who has been in a long-running feud with the firm’s management over Chief Executive Officer Jimmy Levin’s pay packages – and other founding partners, rejected a bid in excess of the Rithm deal.

Och and the founding partners last week criticised the deal with Rithm saying it “substantially” undervalued Sculptor.

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