Thursday, February 14, 2019

Rent-A-Center CEO testified board decided to end Vintage merger if opportunity arose

The Dallas Morning News
When Rent-A-Center's CEO Mitch Fadel took the stand on Tuesday in a Delaware court, he disclosed the secret intentions of the Plano-based company's board to end a pending $1.4 billion merger with Vintage Capital.

The Rent-A-Center board had privately agreed in the first week of December to end the merger, Fadel testified. If Vintage Capital failed to seek a deadline extension by Dec. 17, Rent-A-Center would invoke a notification provision to back out of the deal, according to trial testimony reported by Law 360.. . . more