B. Riley Financial Issues Statement Regarding Rent-A-Center Transaction
December 19 2018 - 7:30AM
B. Riley Financial (NASDAQ:RILY) (“the Company”) today issued the
following statement in response to Rent-A-Center’s (NASDAQ:RCII)
purported termination of its merger agreement with affiliates of
Vintage Capital Management, LLC.
The Company has worked collaboratively and
proactively with Vintage Capital and Rent-A-Center’s management
team on this transaction. We support the position that
Rent-A-Center’s purported termination of the merger is invalid and
that its actions constitute a material breach of the merger
agreement. The Company supports Vintage Capital in its pursuit to
enforce its rights.
About B. Riley Financial, Inc.
(NASDAQ:RILY)B. Riley Financial, through its subsidiaries,
provides collaborative financial services and solutions tailored to
fit the capital raising and financial advisory needs of public and
private companies and high net worth individuals. The company
operates through several wholly-owned subsidiaries, including B.
Riley FBR, a full-service investment bank and institutional
brokerage; Great American Group, a leading provider of asset
disposition, appraisal, corporate advisory and valuation services;
GlassRatner, a specialty financial advisory services and consulting
firm; B. Riley Wealth Management, B. Riley Asset Management and B.
Riley Alternatives, which offer investment management to
institutional and high net worth investors; Great American Capital
Partners, which originates and underwrites senior secured loans for
asset-rich companies; and B. Riley Principal Investments, which
invests in or acquires companies and assets with attractive return
profiles.
Forward-Looking
StatementsStatements in this press release that are not
descriptions of historical facts are forward-looking statements
that are based on management’s current expectations and assumptions
and are subject to risks and uncertainties. If such risks or
uncertainties materialize or such assumptions prove incorrect, our
business, operating results, financial condition and stock price
could be materially negatively affected. You should not place undue
reliance on such forward-looking statements, which are based on the
information currently available to us and speak only as of the date
of this press release. Such forward looking statements include but
are not limited to statements regarding the validity of
Rent-A-Center's purported termination of the Merger Agreement and
any implication concerning the outcome of any dispute that may
arise in connection therewith. If this dispute results in
litigation, due to the inherent uncertainties of litigation, we may
not prevail in these actions. Moreover, both the costs of defending
lawsuits and any settlements or judgments against us could
adversely affect our results of operations and cash flows. Other
factors that could adversely affect our results and cash flows
include (without limitation) those risks described from time to
time in B. Riley Financial, Inc.’s periodic filings with the SEC,
including, without limitation, the risks described in B. Riley
Financial, Inc.’s Annual Report on Form 10-K for the year ended
December 31, 2017 under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations.” Additional information is also set forth in
our Quarterly Reports on Form 10-Q for the quarter ended September
30, 2018. These factors should be considered carefully, and readers
are cautioned not to place undue reliance on such forward-looking
statements. All information is current as of the date this press
release is issued, and B. Riley Financial, Inc. undertakes no duty
to update this information.
CONTACTS:
InvestorsInvestor RelationsB.
Riley Financial ir@brileyfin.com(310) 966-1444
Media Jo Anne McCuskerB. Riley
FinancialMedia Relationsjmccusker@brileyfin.com(646) 885-5425
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