Vintage Capital Management, the largest shareholder of Aaron's Inc, said it offered to acquire the company in a deal valued at about $2.3 billion, in its fourth attempt to purchase the consumer electronics and furniture rental chain since 2011. The private equity firm offered $30.50 per share, a premium of 12.8 percent to Aaron's Thursday closing.Vintage Capital said it and its affiliates hold nearly 10 percent stake in Aaron's.Vintage Capital said it privately submitted offers to acquire Aaron's on three occasions since 2011.Shares of Aaron's were up 16 percent at $31.40 in early trading, indicating investors are expecting a higher bid.
Aaron?s, Inc. (Aaron?s) is a specialty retailer of consumer electronics, computers, residential furniture, household appliances and accessories. Shares of AAN traded higher by 13.27% or $3.59/share to $30.64. In the past year, the shares have traded as low as $24.61 and as high as $32.53. On average, 449072 shares of AAN exchange hands on a given day and today's volume is recorded at 3548473.
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