Vintage Capital to buy Rent-A-Center for $1.37 billion
Vintage offered $15 per Rent-A-Center share, matching the firm's first proposal made in July last year.
Rent-A-Center said on Monday it would be taken private by buyout firm Vintage Capital Management in a deal that values the rent-to-own furniture retailer at $1.37 billion, including net debt.
Vintage offered $15 per Rent-A-Center share, matching the firm's first proposal made in July last year.
The latest offer represents a premium of 25 percent to the stock's Friday close.
The Plano, Texas-based company has been under pressure from activist investors Engaged Capital and Marcato Capital to sell itself and said last week that a strategic review did not result in a satisfactory offer from suitors.
After the company's announcement, Vintage Capital, which owns nearly 6 percent of the retailer, offered $14 per share, calling it its best and final offer.
The equity value of the deal is $801.2 million, according to Reuters calculations.
(Source:cnbc.com)