Rent-A-Center Inc. on June 12 confirmed that Vintage Capital Management LLC submitted a new offer to acquire the company for $14 per share in cash.
This comes a day after the Texas-based rent-to-own retailer said it received an increased bid from an unnamed party, which arrived following the conclusion of a strategic review that had determined the company would not be sold.
Vintage sent a letter to the Rent-A-Center board, a copy of which was included in a June 12 SEC filing, that said it was making its "best and final offer" for the retailer. It will remain open for acceptance only until 5 p.m. ET on June 15.
The firm, which owns a 5.9% stake in Rent-A-Center, had two bids rejected in 2017, the most recent of which was for $13 per share. A standstill agreement followed earlier this year, under which Vintage said it would not attempt to gain control of Rent-A-Center's board or raise its stake in the company.
Rent-A-Center said its board was reviewing the offer with the help of its financial and legal advisers, and it would decide whether it met the necessary objectives of maximizing stockholder value and providing certainty of closing.