Orlando-based private equity firm Vintage Capital Management said Tuesday it has rejected a standstill offer from Aaron’s, the rent-to-own giant Vintage has sought to buy in an unsolicited takeover bid.
In a letter to Aaron’s board, Vintage managing member Brian Kahn said a proposed two-year standstill was “not be in the best interest of Aaron’s shareholders,” despite what he described in the letter as a deal that would have apparently offered him a seat on the board in return.
Aaron’s declined to comment.
Vintage, Aaron’s second largest shareholder, offered to buy the company for $2.3 billion in February. Aaron’s board rejected the offer earlier this month and later revealed that it had bought online lender Progressive Finance for $700 million, increasing Aaron’s value.
Vintage subsequently dropped its offer. However, Kahn has said that Vintage is still weighing its options about another bid.
Though it dropped its takeover attempt, Vintage said it would submit Kahn and former Aaron’s Chief Operating Officer Ken Butler names to join Aaron’s board at its annual meeting.
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