Sculptor Capital Management, an alternatives manager, announced that its board of directors formed a special committee of independent directors to "explore potential interest from third parties in a transaction with the company that maximizes value for shareholders," in a news release Friday.
The move helped to resolve a legal dispute with five former executive managing directors, including Daniel S. Och, co-founder of the company previously known as Och-Ziff Capital Management Group.
The dispute was over a lawsuit that Mr. Och and his former colleagues filed Aug. 24 in Delaware Chancery Court seeking records regarding the compensation of James Levin, Sculptor Capital's CEO and chief investment officer.
Mr. Levin's compensation award totaled $145.8 million in 2021, the court filing showed.
Sculptor said in the news release that its special committee reached out to Mr. Och and the four other former executives 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 reached an agreement by which Sculptor will provide the company books and records to the former executives and the lawsuit will be dismissed with prejudice, according to the release.
"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," Mr. Och said in the release, adding "we will be supportive of a vigorous, independent and thorough process that puts shareholders first.
Neither Mr. Och nor a Sculptor spokeswoman were available for further comment.
Sculptor had $35.7 billion in assets under management as of Nov. 1.
