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Vintage Capital lowers bid to buy Rent-A-Center: Reuters

Vintage Capital on Friday offered to buy U.S. furniture retailer Rent-A-Center Inc (RCII.O) for about $693 million, a week after the company said it was exploring strategic options after coming under pressure from an activist investor.

The private equity firm’s offer of $13 per Rent-A-Center share is lower than the $15-per-share proposal it made in July and represents a premium of 31 percent to the stock’s Thursday closing price.

Rent-A-Center has been under pressure from activist hedge fund Marcato Capital Management to sell itself.