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Rent-A-Center ends merger deal with Vintage Capital

Rent-A-Center Inc. said Dec. 18 that it terminated its merger agreement with Vintage Capital Management LLC after the private equity firm failed to extend the deal's deadline.

The Texas-based rental company accepted Vintage Capital's buyout offer of $15 per share in June after previously rejecting the firm's $13 per share offer in 2017.

Rent-A-Center would have received $1.37 billion in total consideration under its deal with Vintage Capital. However, the retailer said in its latest announcement that the firm failed to give notice Dec. 17, the deadline that was scheduled in the merger agreement for either party to extend the end date to March 17, 2019.

Pursuant to the terms of the agreement, Vintage Capital is obligated to pay Rent-A-Center a reverse breakup fee of $126.5 million within three business days.