Weinstein Group Revises Sculptor Bid After Board’s Concerns
- Bid aims to bolster equity commitment and ease financing risk
- Proposal would pay Sculptor more if transaction falls through
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Boaz Weinstein and his group of bidders revised their offer to buy Sculptor Capital Management Inc., seeking to address some of the concerns the board’s special committee outlined last week, according to people familiar with the matter.
While Weinstein’s bid remains at $12.76 a share, it has beefed up its equity commitments, eliminated risks associated with debt financing and increased the damages it would pay if it fails to complete the transaction, the people said.