From Home Furnishing Business
Aaron's Suitor has Made Prior Acquisition Offers
Rent-to-own retailer Aaron's (NYSE: AAN) has issued a statement in response to one of its shareholders offering to acquire the company.
Vintage Capital Management, the largest shareholder of Aaron's, offered to rest of the company earlier this month in a $2.3 billion deal.
Aaron's points out in its statement that Brian Kahn, managing member of Vintage Capital, is also a former Aaron's franchisee. He and his company Vintage Capital, which has a controlling interest in Buddy's Home Furnishings, a competitor of Aaron's, have made prior offers to buy Aaron's.
Aaron's said Kahn and Vintage have "over the yard made unfunded and unspecific non-binding proposals to acquire Aaron's. The company goes on to say that members of its board of directors and management team have met with Kahn to listen to proposals.
As for the latest offer, made Feb. 7, the company said a transaction committee of the Aaron's board along with professional advisors will evaluate it and offer recommendations to the board.