Saba Capital Management's Boaz Weinstein and his group of billionaire backers again raised their bid for Sculptor Capital Management Inc. 

As part of its breakup fee, the Old Greenwich, Connecticut REIT will come away with an over 6% interest in its New York counterpart.

Och, who left New York-based Sculptor in 2019, said Tuesday in a statement that he wants a Delaware judge to halt the buyout until a rival group led by Saba Capital Management's Boaz Weinstein is able to present its higher bid to shareholders.

"We are not selling and giving up what we have worked 27 plus years to build," founder Steve Jacobson wrote.

But the deal - even if it does not close - will have little effect on the outlook for the REIT, analysts for Keefe, Bruyette & Wood said.

Three top executives, including CEO Kevin McMahon, left the company in the days following its sale to Constellation Software.

More than a week ago, the consortium of deep-pocketed investors offered a figure higher than an earlier bid of $12.76 a share, but the specific amount was unknown.

The company is in a bidding war for Sculptor Capital, which in turn is supposed to unlock a spin-out for the mortgage business that this transaction helps build.

MSP users who are not Encompass customers are a particular target and vice versa, ICE Mortgage Technology chair Ben Jackson said.

The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.