Rent-A-Center upgraded to outperform from market perform at Raymond James

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Rent-A-Center terminates deal to be bought by Vintage Capital affiliates

Rent-A-Center Inc. said Tuesday it has terminated the deal to be acquired by affiliates of Vintage Capital Management LLC. The rent-to-own company said given its current financial and operational performance, it decided not to extend the end date of the deal, and instead exercised its right to end the agreement. The company notified Vintage of Vintage’s obligation to pay a “reverse breakup fee” of $126.5 million within three business days. Rent-A-Center had announced the deal to be acquired by a Vintage Capital affiliate for $15 a share, or $801.3 million, in June. Rent-A-Center’s stock, which is currently halted for news, has run up 30% year to date, while the S&P 500 has lost 4.8%.

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