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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.

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