Rent-A-Center has rejected a proposal from Vintage Capital Management to acquire the retailer in a go-private transaction that was valued at $15 per share.
In a letter dated June 20, 2017, Vintage sought to acquire 100% of the company’s common stock, according to Rent-A-Center’s SEC filing on July 11.
Following a “thorough” review by Rent-A-Center’s board of directors, the proposal on July 5 was formally rejected.
“The board determined that Vintage’s proposal significantly undervalues the company and that the strategic plan currently being implemented by Rent-A-Center positions the company to deliver greater value to its stockholders than Vintage’s inadequate and opportunistic proposal,” Rent-A-Center wrote in the SEC filing.
appliances electronics furniture housewares rent-a-center Rent-A-Center takeover retail Vintage Capital Mangement
