Aaron's, Inc. Provides Update To Shareholders
ATLANTA - April 1, 2014 // PRNewswire // - 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.
"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.
SOURCE Aaron's, Inc.
Gilbert L. Danielson
Executive Vice President
Chief Financial Officer
Steve Frankel | Tim Lynch | James Golden
Wilkinson Brimmer Katcher