A Sculptor proxy statement this week “appears to present a narrative that is misleading and incomplete,” Och and four other former executives said Tuesday in a filing. It shows that a special committee of the firm “remains beholden to management and is failing to act in the best interests of shareholders.”It’s the latest salvo in a feud between Sculptor Chief Executive Officer Jimmy Levin and Och, who remains one of the firm’s biggest shareholders.
Rithm initially agreed to an offer of $12 a share but reduced that bid because it would need to spend more than it anticipated for the senior leadership’s incentive and retention plan, according to Tuesday’s filing. Och’s group alleged that the special committee is seeking to exclude it from a vote to approve the deal.
“Because the merger provides Mr. Levin both a guaranteed floor and only upside from there, Mr. Levin’s interests in seeing the merger approved are entirely misaligned from the interests of public stockholders in securing the best transaction reasonably available,” Och’s group said.