Rent-A-Center Reviewing Proposal from Vintage Capital
Rent-A-Center, Inc. (NASDAQ/NGS: RCII) confirmed it has received a proposal from Vintage Capital Management, LLC to acquire all outstanding shares of Rent-A-Center. The company issued the following statement:
“Vintage filed a Schedule 13D amendment this morning containing a letter to the Rent-A-Center board of directors offering to acquire the company for $14 per share in cash. Subsequently, Vintage provided Rent-A-Center with an equity commitment letter and other necessary supporting documentation related to its bid.
“Consistent with its fiduciary duties, the Rent-A-Center board is reviewing Vintage’s latest offer, with the assistance of outside financial and legal advisors, to determine the course of action that is in the best interest of the company and all its stockholders.
“As previously announced, the board is prepared to enter into a transaction that it believes will achieve its objectives of maximizing value for stockholders and providing certainty of closing. Rent-A-Center stockholders do not need to take any action at this time.”