Rent-A-Center Abandons $1.4B Takeover By Vintage Capital
Law360 (December 18, 2018, 3:32 PM EST) -- Rent-A-Center Inc. on Tuesday walked away from its planned $1.365 billion takeover by Vintage Capital Management LLC, after the investment firm's offer for the rent-to-own business failed to secure approval from antitrust regulators by a key deadline.
Texas-based Rent-A-Center said the merger agreement expired on Dec. 17, without either side requesting that the deadline be extended and without the tie-up securing approval from the Federal Trade Commission.
With the deadline come and gone, the rent-to-own business decided to kill the deal and request that Vintage Capital pay the $126.5 million reverse breakup fee outlined in the deal terms, it said. Rent-A-Center...
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