UPDATE: Aaron's Says Co., Independent Financial Advisors to Continue to Participate in Talks with Holders Following Unsolicited Offer from Vintage at $30.50/Share
Aaron's, Inc. (NYSE: AAN), a lease-to-own retailer specializing in the sales and lease ownership of residential furniture, consumer electronics, home appliances and accessories, today issued the following statement:
As previously announced, the Aaron's Board of Directors has formed a Transaction Committee consisting of outside independent directors to undertake a broad review of opportunities to enhance long-term value for all of Aaron's shareholders, including the evaluation of the unsolicited proposal received from Vintage Capital Management to acquire all outstanding common shares of Aaron's for $30.50 per share.
As part of this review, the Company and our independent financial advisors continue to participate in discussions with our shareholders so that their perspectives are taken into careful consideration. The Aaron's Board is also continuing to review the Company's overall governance and compensation practices. In addition, Aaron's values the views of its franchisees, who are a critical component of the company's overall business, and has engaged in an ongoing dialogue with them, including at the recent Annual Managers Meeting.
Greenberg Traurig, LLP is serving as lead legal advisor and The Blackstone Group and Goldman, Sachs & Co. are serving as financial advisors to Aaron's.
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