Stockholders of hedge fund Sculptor Capital Management Inc have been advised by proxy advisory firm Institutional Shareholder Services (ISS) to approve the acquisition of the business by real estate investment firm Rithm Capital Corp, according to a report by Bloomberg.
The report cites a report published by ISS on Friday as revealing that shareholders representing about 39.2% of the hedge fund firm’s voting power have already committed to support the deal. With Rithm already owning an additional 6.5% of shares, ISS believes that it’s “nearly a foregone conclusion” that the deal will be approved with a shareholder vote planned for 16 November.
Rithm initially offered $11.15 a share for the firm in July but raised the bid to $12.70 a share last month following several rival bids from a group led by Saba Capital Management boss Boaz Weinstein.
