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From Home Furnishing Business

Rent-A-Center Signs Standstill Agreement Amid Buyout Talks

Rent-A-Center (NASDAQ: RCII) has signed a non-disclosure agreement with the investment firm Vintage Capital while the two sides discuss a buyout of the troubled rent-to-own major.

According to a filing with the Securities and Exchange Commission, the agreement includes a so-called standstill provision that prohibits Vintage Capital, the majority owner of rent-to-own chain Buddy’s Home Furnishings, from making a public tender offer or acquisition proposal. The firm also is prohibited from soliciting proxies from Rent-A-Center shareholders.

In the filing, Vintage Capital also disclosed it owns about 5.9% of Rent-A-Center’s stock.

The non-disclosure agreement expires in January 2019 or when the two sides reach agreement on an acquisition.



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