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Vintage Capital has offered to buy Rent-A-Center Inc (RCII) for around $800 million, according to a letter seen by Reuters, in a move that would add another rent-to-own company to the private equity firm’s portfolio.
Update(s):
July 11, 2017: Rent-A-Center Inc. (RCII) said Tuesday it has rejected an unsolicited takeover offer of $15 a share from activist investor Vintage Capital Management LLC, calling it an “inadequate and opportunistic proposal.”
October 30, 2017: Rent-A-Center, Inc. (RCII), the nation’s largest rent-to-own operator, today announced that its Board of Directors has initiated a process to explore strategic and financial alternatives.
November 03, 2017: Rent-A-Center, Inc. (RCII) , a leader in the rent-to-own industry, today confirmed that it has received a conditional, non-binding proposal from Vintage Capital Management, LLC to acquire all of the outstanding shares of the Company for $13.00 per share in cash.
November 08, 2017: Rent-A-Center (RCII) discloses that it sent a letter to Vintage Capital Management responding to a conditional, non-binding proposal made by Vintage to acquire the company. The letter informed Vintage Capital that Rent-A-Center is declining to enter an exclusivity agreement with it at this time.
June 12, 2018: Buyout firm Vintage Capital Management on Tuesday sweetened its offer for Rent-A-Center Inc (RCII) to $14 per share in cash, a day after the retailer ended its sale process saying it had not received a satisfactory takeover offer.
June 18, 2018: Rent-A-Center, Inc. (RCII), a leader in the rent-to-own industry, today announced that it has entered into a definitive agreement with Vintage Rodeo Parent, LLC, an affiliate of Vintage Capital Management, LLC , pursuant to which Vintage will acquire all of the outstanding shares of Rent-A-Center (RCII) common stock for $15.00 per share in cash.