Aaron's, Inc. Provides Update On Transaction Committee's Evaluation Of Opportunities To Enhance Shareholder Value
ATLANTA, March 7, 2014 /PRNewswire/ -- Aaron's, Inc. (NYSE: AAN), a leader in the sales and lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances and accessories, today provided an update on the evaluation underway by the Transaction Committee of Aaron's Board of Directors.
As previously announced on February 21, 2014, the Aaron's Board has formed a Transaction Committee consisting of independent outside directors, with the assistance of its professional advisors, to carefully review and evaluate the unsolicited proposal by Vintage Capital Management ("Vintage") to acquire all outstanding common shares of Aaron's for $30.50 per share in cash. In addition to evaluating the Vintage proposal, the Transaction Committee has been undertaking a broad review of opportunities to enhance long-term value for all of Aaron's shareholders. The Aaron's Board also announced that it has retained Goldman, Sachs & Co. as an additional financial advisor to assist in this process.
"This further step in the evaluation of opportunities underscores the commitment of the Aaron's Board and management team to fully evaluate the Vintage proposal as well as all opportunities to create and enhance long-term value for all Aaron's shareholders," said Ronald W. Allen, Chairman, President and Chief Executive Officer of Aaron's. "In addition, we have been and continue to be in regular dialogue with our investors to ensure that their perspectives are also included in this important evaluation."
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.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release regarding Aaron's, Inc.'s business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include factors such as changes in general economic conditions, competition, pricing, litigation, customer privacy, information security, customer demand and other issues, and the risks and uncertainties discussed under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
Gilbert L. Danielson
Executive Vice President, Chief Financial Officer
Steve Frankel / Tim Lynch / James Golden
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Aaron's, Inc.