logo
Plus   Neg
Share
Email

Rent-A-Center Receives Increased Takeover Offer Following Conclusion Of Review

Rent-A-Center, Inc. (RCII) announced Monday that it has received a letter containing an increased offer to acquire the company following the company's announcement of the conclusion of its strategic and financial alternatives review process.

Rent-A-Center said the letter was from one of the parties which had previously been involved in the process, and the letter further stated that it "does not constitute an offer capable of being accepted or a binding agreement of any kind."

The letter was not accompanied by equity commitment letters that would be necessary for the company to evaluate whether to enter into an agreement with an acquisition entity possessing no assets.

"Consistent with its fiduciary duties, the Board would carefully consider any credible proposal with the assistance of its outside financial and legal advisors to determine whether a proposal would ultimately maximize stockholder value," the company said in its statement.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Chinese e-commerce giant Alibaba Group Holding Limited and rival JD.com have set new sales records for the "Singles Day" online shopping event. Alibaba said Sunday that it generated gross merchandise volume or GMV of 213.5 billion yuan, or $30.8 billion on November 11, 2018, representing an increase of 27 percent compared to 2017. The Singles Day shopping festival began in 2009. Japanese conglomerate SoftBank Group Corp. said Monday it has received approval from the Tokyo Stock Exchange for listing of common stock of its Japanese mobile telecoms unit, SoftBank Corp. SoftBank plans to sell shares worth 2.4 trillion yen, or $21 billion, in its domestic mobile telecom unit. This would make it the world's biggest IPO after Alibaba's $25 billion IPO in 2014. Shares of Infineon Technologies AG were losing around 4 percent in the morning trading in Germany after the semiconductor solutions company reported Monday weak net profit in its fourth quarter. Income from continuing operations, however, grew with strong revenue growth. The company also increased its full-year dividend.
Follow RTT