Aaron's Inc, a rent-to-own furniture and electronics retailer, rejected a $2.3 billion takeover offer from a major shareholder and instead acquired a retail credit financing firm for about $700 million.In a letter to shareholders, the retailer called the offer from Vintage Capital Management, which owns 10 percent in the company, "inadequate and illusory".The offer, made in February, was the private equity firm's fourth attempt to purchase the consumer electronics and furniture rental chain since 2011.Aaron's said its cash deal to buy Progressive Finance Holdings LLC, which provides web-based lease-to-own financing programs for retailers, will allow it to provide its customers with better payment options and expand further into the virtual rent-to-own market.
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 0.79% or $0.24/share to $30.47. In the past year, the shares have traded as low as $26.18 and as high as $32.27. On average, 1402490 shares of AAN exchange hands on a given day and today's volume is recorded at 445646.
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