Aaron's shareholder makes offer
Furniture Today Staff -- Furniture Today, February 19, 2014
Atlanta - An Aaron's shareholder has offered to acquire the rent-to-own retailer in a deal valued at $2.3 billion.
Vintage Capital Management, the largest shareholder of Aaron's Inc., said in a Feb. 7 letter that it is offering to buy the rest of the company at $30.50 per share, a premium of 12.8% over Aaron's closing price the day before the offer became public.
Vintage Capital said it and its affiliates hold a nearly 10% stake in Aaron's, and that the company had privately tried to acquire Aaron's three times since 2011. Vintage also holds a majority stake in Buddy's Home Furnishings, an RTO company operating mainly in the Southeast.
In a statement the day after the offer was reported, Aaron's 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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