An investor, who currently holds shares of Rent-A-Center, Inc. (NASDAQ: RCII), filed a lawsuit in effort to halt the proposed takeover of Rent-A-Center, Inc.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: RCII stockholders by agreeing to sell Rent-A-Center, Inc. cheaply via an unfair process.
On June 18, 2018, Rent-A-Center, Inc. (NASDAQ/NGS:RCII) announced that it has entered into an agreement with Vintage Rodeo Parent, LLC , an affiliate of Vintage Capital Management, LLC, pursuant to which Vintage Rodeo Parent, LLC will acquire all of the outstanding shares of Rent-A-Center, Inc. (NASDAQ: RCII) common stock for $15.00 per share in cash
However, plaintiff claims that the proposed consideration NASDAQ: RCII shareholders will receive is grossly inadequate and undervalues Rent-A-Center, Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ: RCII stockholders