Rent-A-Center shareholders approve merger plan
Rent-A-Center is one step closer to going private.
The rent-to-own retailer’s shareholders voted in favor of the company to be acquired by Orlando, Florida-based Vintage Capital Management for $1.365 billion, including debt. There were 41.54 million votes in favor of the merger and 2.91 million shareholders who voted against the plan, according to a filing with the Securities and Exchange Commission.
The vote comes on the heels of the Federal Trade Commission requesting additional information and documents from both companies as it conducts a competition review of Rent-A-Center and Buddy’s Home Furnishings, a privately-held rent-to-own company owned by Vintage — and competitor of Rent-A-Center. The review will extend the current waiting period imposed by law until 30 days after Rent-A-Center and Buddy’s have substantially complied with the request. Both companies are cooperating with the FTC, according to Rent-A-Center.
Rent-A-Center and Vintage Capital both expect the deal to close during the first quarter of 2019.
The rent-to-own company operates approximately 2,350 stores in the United States, Mexico, Canada and Puerto Rico, and approximately 1,250 Acceptance Now kiosk locations in the United States and Puerto Rico.
The rent-to-own retailer’s shareholders voted in favor of the company to be acquired by Orlando, Florida-based Vintage Capital Management for $1.365 billion, including debt. There were 41.54 million votes in favor of the merger and 2.91 million shareholders who voted against the plan, according to a filing with the Securities and Exchange Commission.
The vote comes on the heels of the Federal Trade Commission requesting additional information and documents from both companies as it conducts a competition review of Rent-A-Center and Buddy’s Home Furnishings, a privately-held rent-to-own company owned by Vintage — and competitor of Rent-A-Center. The review will extend the current waiting period imposed by law until 30 days after Rent-A-Center and Buddy’s have substantially complied with the request. Both companies are cooperating with the FTC, according to Rent-A-Center.
Rent-A-Center and Vintage Capital both expect the deal to close during the first quarter of 2019.
The rent-to-own company operates approximately 2,350 stores in the United States, Mexico, Canada and Puerto Rico, and approximately 1,250 Acceptance Now kiosk locations in the United States and Puerto Rico.