Weinstein's consortium said on Oct. 13 that it was willing to pay $13.50 a share for the embattled hedge fund firm, up from the $13 it proposed previously, according to a new Sculptor regulatory filing. On Oct. 12, Sculptor announced that it accepted Rithm Capital Corp.'s sweetened offer of $12 a share, or $676 million.

Sculptor shares rose 2.9% to $12.51 at 8:52 a.m. in New York.

Sculptor disclosed the new bid as part of a presentation it prepared ahead of a meeting Wednesday with Institutional Shareholder Services, which advises shareholders on how to vote on corporate proxies.  

Rithm announced in July that it had reached an agreement to acquire Sculptor for $11.15 a share. Weinstein's group, which includes billionaires Bill Ackman, Jeff Yass and Marc Lasry, has increased its offer multiple times since making an initial unsolicited bid of $12.25 a share in August.  

Both sides have also vied to win support from Sculptor founder Dan Och, one of its biggest shareholders, who has been locked in a bitter feud with his onetime protege, Chief Executive Officer Jimmy Levin, over compensation. Och, who left in 2019, has urged the company to release Weinstein and his team from non-disclosure agreements that would allow them to present their bid to Sculptor's shareholders and clients.

Och sued Sculptor and Rithm in Delaware on Oct. 17, alleging that their latest deal would shortchange investors. He said in a statement that he wants a judge to halt the acquisition until Weinstein's consortium can present its higher bid to shareholders. 

A hearing on the case, which the judge expedited, will take place next month. If the judge rules in favor of Och, the shareholder vote, slated for Nov. 16, would be postponed and Weinstein, now under an NDA, would be allowed to discuss his bid with clients and shareholders.  

Representatives for Sculptor, Rithm, Weinstein and Och weren't immediately available for comment.