Rent-A-Center Inc. said June 11 that it received an increased acquisition offer from one of the parties previously involved in its sale process.
This comes just hours after the Texas-based rent-to-own retailer announced that its board concluded a review of strategic and financial alternatives, and decided to continue with the company's current strategic plan. Rent-A-Center also said at the time that it did not receive any purchase proposals which met the board's objectives for a sale.
The unnamed prospective buyer sent its offer in a letter, which stated that it "does not constitute an offer capable of being accepted or a binding agreement of any kind." Rent-A-Center, in turn, noted that the correspondence was not accompanied by equity commitment letters needed to evaluate "whether to enter into an agreement with an acquisition entity possessing no assets."
The company said its board would consider any "credible proposal" with help from its advisers.
Rent-A-Center previously turned down two buyout offers from Vintage Capital Management LLC.
