November 3, 2017 / 1:02 PM / a year ago

Vintage Capital lowers bid to buy Rent-A-Center

Nov 3 (Reuters) - Vintage Capital on Friday offered to buy U.S. furniture retailer Rent-A-Center Inc for about $693 million, a week after the company said it was exploring strategic options after coming under pressure from an activist investor.

The private equity firm's offer of $13 per Rent-A-Center share is lower than the $15-per-share proposal it made in July and represents a premium of 31 percent to the stock's Thursday closing price.

Rent-A-Center has been under pressure from activist hedge fund Marcato Capital Management to sell itself. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar)

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