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Exclusive: Vintage Capital offers to buy Rent-A-Center for $800 million: letter

Vintage Capital has offered to buy Rent-A-Center Inc (RCII.O) for around $800 million, according to a letter seen by Reuters, in a move that would add another rent-to-own company to the private equity firm's portfolio.

"While there are multiple avenues we would be eager to explore ... today Vintage proposes to acquire 100 percent of the common stock ... in a go-private transaction for $15 per share," the firm's managing partner, Brian Kahn, wrote in a June 20 letter to the company's investment bank, JPMorgan Chase & Co (JPM.N).

The company's stock closed at $11.10 on Monday. Shares hit$40.31 in August 2013 and have steadily declined amid a sales and profit slump. Vintage Capital declined to comment on the letter or the offer.

Rent-A-Center said on Monday it responded to...