Atlanta-based Aaron’s said Monday it has dropped its lawsuit against Vintage Capital Management, the rent-to-own giant’s second-largest shareholder.
Vintage, an Orlando private equity firm, had sought to acquire the company for $2.3 billion, but ended its unsolicited bid last Thursday, just two days after the Aaron’s board rejected the offer.
Aaron’s said it had filed the litigation to “compel Vintage to comply with required disclosures under federal securities laws to ensure the company’s shareholders had correct information about Vintage’s proposal.
“Although Vintage did not comply with the disclosure requirements nor was it willing to share customary information regarding the existence of either the equity or the debt financing for its proposal, Aaron’s has decided to cease these legal proceedings,” Aaron’s said Monday.
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