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Actionable news in RCII: Rent-A-Center Inc.,

Vintage Capital Bids $800 Million for Rent-A-Center, Stock Soars, Deal Rejected

Vintage Capital offered $800 million to buy 100% of Rent-A-Center's (RCII) common stock in a deal Rent-A-Center said "significantly undervalued" the company and its strategic plan, Reuters reported.

The deal valued Rent-A-Center stock at $15 per share. It closed trading Monday at $11.10 but is up 17% in premarket trading.

Rent-A-Center's strategic plan is "already delivering substantial progress in key performance metrics, including improved same-store sales and reductions in delinquencies," the Plano, Texas-based $609 million company said.

Rent-A-Center faced a proxy fight last month that resulted in three of its board members being ousted and replaced by nominees put forth by activist investor Engaged Capital. Its stock is down 1.3% since the start of the year.

What's Hot On TheStreet

Watch out, Apple: Louis Vuitton Tuesday unveiled its first smartwatch coined the Tambour Horizon in a bid to cut into Apple Inc's (AAPL) hold on the wearables market, TheStreet reports.

The watch was made in conjunction with Alphabet's (GOOGL) Google and Qualcomm Technology (QCOM) and starts at a lofty $2,450. It works with both Apple and Android devices, and is the first Android Wear smartwatch that functions in China.

Yes, it's Amazon...


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