Aaron's gets takeover bid
Furniture Today Staff -- Furniture Today, February 7, 2014
ATLANTA — An Aaron's shareholder has offered to acquire the rent-to-own retailer in a deal valued at $2.3 billion, Reuters is reporting.
Vintage Capital Management, the largest shareholder of Aaron's Inc, said it is offering to buy the company at $30.50 per share, a premium of 12.8% over Aaron's Thursday closing, Reuters said. The company's stock was trading at $30.49 at midmorning today.
Vintage Capital said it and its affiliates hold nearly 10% stake in Aaron's, and that the company had privately tried to acquire Aaron's three times since 2011.
In a statement Friday, Aaron's confirmed it had been informed of the offer. It said its board "will evaluate the offer in line with its fiduciary duties. The company is not currently in discussions with any party regarding any offer to acquire the company."
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