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Friday, February 7, 2014

Vintage Capital offers to purchase Aaron's Inc in $2.3 billion deal, (NYSE: AAN)

Aaron's Inc shareholder Vintage Capital Management said it offered to acquire the electronics and furniture rental chain in a deal valued at about $2.3 billion, its fourth attempt to purchase the company in three years.The private equity firm offered $30.50 per share, a premium of 12.8 percent to Aaron's Thursday closing price.The company's shares rose to $32.27 in early trading on Friday, indicating that some investors expect a higher bid.Aaron's was not immediately reachable for comment on the deal. However, on a post earnings call with analysts, executives said "they will evaluate (the offer), or whatever."

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 11.65% or $3.15/share to $30.20. 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 6160998.