Sculptor Capital says unsolicited bids received do not constitute a superior proposal

(Reuters) – Hedge fund firm Sculptor Capital Management (NYSE:) said on Wednesday the revised unsolicited proposals it had received from a consortium of bidders led by the founder of “Bidder J” does not constitute a superior proposal.

Last week, the company had said it had received an unsolicited bid from a third party that had participated in a strategic alternatives process, but the bid did not show “adequate committed funding”.

The hedge fund said “notwithstanding the proposed price of $12.76 per Class A Share, the special committee cannot support a transaction that has significantly less certainty of closing than the transaction with Rithm.”

Asset manager Rithm Capital had agreed to acquire Sculptor Capital for $639 million in July. Rithm had said that it would pay $11.15 per class A share of the hedge fund.

Sculptor has been exploring a sale since last year, amid a legal battle with its founder Daniel Och.

On Wednesday, the company’s board reaffirmed the recommendation for the proposed transaction with Rithm.