Rent-A-Center, Inc., a leader in the rent-to-own industry, announced that it has entered into a definitive agreement with Vintage Rodeo Parent, LLC, an affiliate of Vintage Capital Management, LLC, pursuant to which Vintage will acquire all of the outstanding shares of Rent-A-Center common stock for $15.00 per share in cash. Orlando hedge fund Vintage Capital Management has reached a deal Monday to purchase the Rent-A-Center chain for $1.365 billion, the companies announced. Harvard Business School Case 919-031, February 2019. The rent-to-own retailer in June forged a deal with Vintage Capital to acquire it for about $1.37 billion including net debt. Vintage Capital affiliate, Vintage Rodeo Parent LLC, said this week it would buy Rent-A-Center for $15 per share — for a total of $801 million — and take it private. Vintage intends to pursue all available remedies against Rent-A-Center. In Vintage Rodeo Parent, LLC v. Rent-A-Center, Inc., C.A. 0001144204-19-014980.txt : 20190320 0001144204-19-014980.hdr.sgml : 20190320 20190320060241 accession number: 0001144204-19-014980 conformed submission type: sc 13d/a public document count: 1 filed as of date: 20190320 date as of change: 20190320 group members: brian r. kahn group members: kahn capital management, llc subject company: company data: company conformed name: rent a center … The proposal sent shares of … No. Subsequently, on December 21, 2018, Vintage Capital initiated legal proceedings against Rent-A-Center in the Court of Chancery to enforce the Merger Agreement, and Rent-A-Center counterclaimed for a declaration that it validly terminated the Merger Agreement and is entitled to payment of the termination fee from Vintage Capital and B. Riley Financial. Rent-A-Center Inc. will stay public after a Delaware Chancery judge ruled Thursday it doesn’t have to complete a $1.37 billion buyout by Vintage Capital Management LLC. Retailer Rent-A-Center Inc was within its rights to back out of a $1.36 billion merger deal with private equity firm Vintage Capital Management last year, a Delaware state court ruled Thursday. Vintage Capital on Friday offered to buy Rent-A-Center Inc for about $693 million, a week after the furniture retailer decided to explore strategic options under pressure from two activist investors. Subramanian, Guhan. Rent-A-Center Inc. doesn’t have to complete a $1.37 billion buyout by Vintage Capital Management LLC after a judge found the home-furnishings retailer properly canceled the deal over a … Rent-A-Center hasn't cut ties with Vintage Capital Management just yet. Email Print Friendly Share. About Vintage Capital Management . Rent-A-Center to Receive Payment of $92,500,000 in Settlement of all Litigation relating to its Termination of the Merger Agreement with Vintage Capital PLANO, Texas --(BUSINESS WIRE)--Apr. Investment Philosophy and Criteria. Rent-A-Center said on Tuesday it terminated its buyout deal with Vintage Capital Management, as the buyout firm did not extend a deadline to … Rent-A-Center stock is trading higher, after the company confirmed that Vintage Capital Management proposed to buy it for $13 per share. Vintage Capital Management 4705 S. Apopka Vineland Road Suite 206 Orlando, FL 32819 Tel: (407) 506-7085 bkahn@vintcap.com alaurence@vintcap.com. Vintage Capital made a new, but lowered $693 million offer to buy Rent-A-Center in November after the rent-to-own furniture retailer said it was exploring strategic options. "Rent-a-Center/Vintage Capital." Mar. … Rent-A-Center (NASDAQ:RCII) will receive a payment of $92.5M as part of a settlement with Vintage Capital Management and B. PLANO, Texas--(BUSINESS WIRE)--Apr. Ch. Guggenheim Provides Committed Financing to Support the Acquisition of Rent-A-Center by Vintage Capital. Vintage Capital offered to buyout Rent-A-Center Inc. for $15 per share in cash. June 25, 2018 11:33 ET | … Under the terms of the settlement, Vintage will pay $92.5 million in cash instead of the original merger’s break-up fee of $126.5 million. Rent-A-Center has agreed to be acquired by Vintage Rodeo Parent LLC, an affiliate of Vintage Capital Management LLC, for $15 per share. Rent-A-Center announced it has reached a settlement agreement with Vintage Capital Management and its financial partner B. Riley Financial over the breakup of their merger agreement last year.. 2018-0928-SG (Del. Rent-A-Center Inc. doesn't have to complete a $1.37 billion buyout by Vintage Capital Management LLC after a judge found the home-furnishings retailer properly canceled the deal over a … Vintage only own 5.9% of the equity and needs $1.3 billion to buyout the company Mr. Kahn is the Managing Partner and founder of Vintage Capital Management (“VCM”) and its predecessor, Kahn Capital Management (“KCM” or the “Firm”), and is responsible for all aspects of transaction sourcing, due diligence, and execution. Engaged Capital's cost basis at Rent-A-Center is between $8 and $9 a share, significantly below the $15 a share that Vintage Capital agreed to pay in cash for the retailer. 14, 2019), Vice Chancellor Glasscock of the Delaware Court of Chancery found that Rent-A-Center, Inc. (“Rent-A-Center”) properly terminated its merger agreement with Vintage Capital Management LLC (“Vintage”) after Vintage failed to submit a notice to extend the drop-dead date for its […] The … The court has requested that Rent-A-Center, B. Riley Financial and Orlando, Fla.-based Vintage Capital Management, submit briefs on the ruling, … Persistently guided by our value approach, we seek to invest in companies in which the transaction or the resulting application of our broad expertise can unlock substantial value rapidly. Rent-A-Center disclosed in a filing on July 11 that it had rejected a Vintage bid earlier this month but did not reveal any other expressions of interest. Rent-A-Center to Receive Payment of $92,500,000 in Settlement of all Litigation relating to its Termination of the Merger Agreement with Vintage Capital. Vintage Capital is a value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and manufacturing sectors.