Sculptor Capital Management’s Independent Directors Announce Formation of Special Committee to Explore Potential Transactions

Rhea-AI Summary

Sculptor Capital Management (NYSE: SCU) announced the formation of a special committee of independent directors to explore third-party transactions aimed at maximizing shareholder value. The committee retained PJT Partners for financial advisory and Latham & Watkins LLP for legal counsel. Following a settlement with former executives over a books and records lawsuit, the company aims to provide additional company records. Chair Marcy Engel emphasized a commitment to a fair process, while Daniel S. Och expressed support for the initiative. No assurance of a completed transaction was given.

Positive

• Formation of a special committee to explore third-party transactions.
• Engagement of financial advisors to maximize shareholder value.
• Settlement reached with former executives, potentially streamlining the process.

Negative

• No assurance that a transaction will be completed.

Company Settles Books and Records Lawsuit

NEW YORK, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Sculptor Capital Management, Inc. (NYSE: SCU) (the “Company,” or “Sculptor Capital”) announced today that its Board formed a special committee, comprised solely of independent directors (the “Special Committee”), to explore potential interest from third parties in a transaction with the Company that maximizes value for shareholders.

The Special Committee has retained PJT Partners as its financial advisor and Latham & Watkins LLP as its legal counsel. The Special Committee also approved the retention of JPMorgan to act as financial advisor to the Company.

The Special Committee reached out to Daniel S. Och and the four other former executive managing directors who had filed a books and records action in the Delaware Court of Chancery and the parties agreed that the resolution of that action would be beneficial to the process initiated by the Special Committee for the benefit of shareholders. The parties therefore have reached a settlement to provide an agreed set of additional Company books and records and dismiss the action with prejudice.

“The Board and the Special Committee are committed to conducting a process that is fair and in the best interests of shareholders and appreciate Mr. Och and his colleagues’ support for such a process. We are open to considering any potential transaction that maximizes shareholder value,” said Marcy Engel, Chair of the Board.

“We are pleased that the Board has formed a Special Committee that is dedicated to exploring potential interest from third parties in a transaction with the Company, and we will be supportive of a vigorous, independent, and thorough process that puts shareholders first,” said Mr. Och.

There can be no assurance that a transaction will be announced or completed. Neither the Company nor the Special Committee intends to comment further on the progress of its work unless the Company or the Special Committee determines that further disclosure is appropriate or required by law.

About Sculptor Capital Management

Sculptor Capital Management, Inc. is a leading global alternative asset management firm providing investment products in a range of areas including multi-strategy, credit and real estate. With offices in New York, London, Hong Kong and Shanghai, the Company serves global clients through commingled funds, separate accounts and specialized products. Sculptor Capital’s distinct investment process seeks to generate attractive and consistent risk-adjusted returns across market cycles through a combination of fundamental bottom-up research, a high degree of flexibility, a collaborative team and integrated risk management. The Company’s capabilities span all major geographies, in strategies including fundamental equities, corporate credit, real estate debt and equity, merger arbitrage, structured credit and private investments. As of November 1, 2022, Sculptor Capital had approximately $35.7 billion in assets under management. For more information, please visit Sculptor Capital’s website (www.sculptor.com).

Investor Relations Contact
Ellen Conti
Sculptor Capital Management, Inc.
+1-212-719-7381
investorrelations@sculptor.com

FAQ

What is the purpose of Sculptor Capital's special committee formed on November 18, 2022?

The special committee aims to explore potential third-party transactions to maximize shareholder value.

Who are the financial advisors retained by Sculptor Capital?

Sculptor Capital has retained PJT Partners as financial advisor and Latham & Watkins LLP as legal counsel.

What lawsuit did Sculptor Capital settle recently?

Sculptor Capital settled a books and records lawsuit with former executive managing directors.

What was the outcome of the settlement in the lawsuit?

The settlement allows for the provision of additional company books and records and dismisses the action with prejudice.

What assurance did Sculptor Capital provide regarding future transactions?

The company provided no assurance that a transaction will be announced or completed.