Vintage Capital Offers to Buy Rent-A-Center for $800M

7/11/17

Vintage Capital has offered to buy Rent-A-Center Inc (RCII.O) 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.

“While there are multiple avenues we would be eager to explore … today Vintage proposes to acquire 100 percent of the common stock … in a go-private transaction for $15 per share,” the firm’s managing partner, Brian Kahn, wrote in a June 20 letter to the company’s investment bank, JPMorgan Chase & Co (JPM.N).

The company’s stock closed at $11.10 on Monday. Shares hit$40.31 in August 2013 and have steadily declined amid a sales and profit slump. Vintage Capital declined to comment on the letter or the offer.

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