FOR IMMEDIATE RELEASE
Rent-A-Center
and Vintage Capital Receive Second Request
from FTC Under HSR Act
PLANO, Texas and ORLANDO, FloridaSeptember 13, 2018
Rent-A-Center,
Inc. (NASDAQ/NGS:RCII)
(Rent-A-Center
or the Company), a leader in the
rent-to-own
industry, and Vintage Capital Management, LLC (Vintage Capital), a private and public equity investor with a controlling interest in Buddys Newco
LLC d/b/a Buddys Home Furnishings (Buddys), a privately-held
rent-to-own
company, today announced that both the Company and Buddys received
a Request for Additional Information and Documentary Materials (commonly known as a Second Request) from the Federal Trade Commission (FTC) in connection with the pending acquisition of
Rent-A-Center
by affiliates of Vintage Capital (the Merger). The Second Request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended
(the HSR Act).
The effect of the Second Request is to extend the current waiting period imposed by the HSR Act until 30 days after
Rent-A-Center
and Buddys have substantially complied with the request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.
Rent-A-Center
and Buddys continue to cooperate fully with the FTC. The parties intend to complete the Merger as soon as practicable following receipt of regulatory
clearance from the FTC. The Company and Vintage Capital currently expect the Merger to close during the first quarter of 2019.
The special meeting of
Rent-A-Centers
stockholders to approve the Merger remains scheduled for Tuesday, September 18, 2018.
About
Rent-A-Center,
Inc.
A
rent-to-own
industry leader, Plano, Texas-based,
Rent-A-Center,
Inc., is focused on improving the quality of life for its customers by providing them the opportunity to obtain ownership of high-quality, durable products such
as consumer electronics, appliances, computers, furniture and accessories, under flexible rental purchase agreements with no long-term obligation. The Company owns and operates approximately 2,350 stores in the United States, Mexico, Canada and
Puerto Rico, and approximately 1,250 Acceptance Now kiosk locations in the United States and Puerto Rico.
Rent-A-Center
Franchising International, Inc., a wholly owned
subsidiary of the Company, is a national franchiser of approximately 250
rent-to-own
stores operating under the trade names of
Rent-A-Center,
ColorTyme, and RimTyme. For additional information about the Company, please visit its website at
www.rentacenter.com
.
About Vintage Capital Management, LLC
Vintage is a
value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and manufacturing sectors. Vintage is the controlling shareholder of Buddys Newco LLC d/b/a Buddys Home
Furnishings, a privately-held
rent-to-own
company with approximately 300 company-owned and franchised locations across the U.S. and Guam. For additional information
about Vintage, please visit
www.vintcap.com
. For additional information about Buddys, please visit
www.buddyrents.com
.