The Aaron's Company Enters into Definitive Agreement to Be Acquired by IQVentures for $10.10 Per Share
Transaction Represents 34.0% Premium to Aaron's Closing Share Price on
"We are pleased to announce this transaction with IQVentures, which delivers significant and immediate value to our shareholders," said John W. Robinson III, Chairman of the Board of
"We believe that IQVentures' resources and financial services expertise will help the Company achieve its long-term potential," said
IQVentures is a proven fintech leader that provides intelligent, market-driven solutions built on the latest emerging technologies and beneficial shared services for the entities it acquires. IQVentures has a demonstrated track record of value creation, and expertise in customer management, with a deep understanding of The Aaron's Company's core customer base.
IQVentures President Cory Miller stated, "We admire The Aaron's Company's industry-leading position, and we look forward to applying our knowledge and resources to better serve its customers. Douglas and his team have transformed the Company over the past few years, and we are excited to build on that transformation and work together to continue evolving and growing the business."
Transaction Details
The transaction was unanimously approved by the Board of Directors of The Aaron's Company and is expected to close by the end of the year, subject to shareholder approval, regulatory approval and other customary closing conditions. The transaction is not subject to a financing condition.
Upon completion of the transaction, The Aaron's Company will become a privately held company, and its common stock will no longer be traded on NYSE.
Following the closing of the transaction, it is expected that The Aaron's Company will continue to operate under its existing brand names and will maintain its headquarters in
For further information regarding the terms and conditions contained in the definitive transaction agreement, please see The Aaron's Company's Current Report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission in connection with the announcement of the transaction.
Advisors
About The Aaron's
Headquartered in Atlanta, The Aaron's
About IQVentures
Headquartered in the
Forward-Looking Statements
Statements in this news release 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. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "believe," "expect," "expectation," "anticipate," "may," "could," "should," "intend," "seek," "estimate," "plan," "target," "project," "likely," "will," "forecast," "future," "outlook," or other similar words, phrases, or expressions. These risks and uncertainties include factors such as (i) the ability to obtain regulatory approval and meet other closing conditions to the proposed transaction, including shareholder approval; (ii) the ability of IQVentures to obtain financing for the proposed transaction; (iii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or inability to complete the proposed transaction on the expected timeframe or at all; (iv) litigation relating to the proposed transaction; (v) the inability to retain key personnel, or potential diminished productivity due to the impact of the proposed transaction on the Company's current and prospective employees, key management, customers, suppliers, franchisees and business partners; and (vi) the other risks and uncertainties discussed under "Risk Factors" in the Company's most recent Annual Report on Form 10-K and in other documents that the Company files from time to time with the
Additional Information and Where To Find It
This communication may be deemed to be solicitation material in respect of the transaction between the Company and IQVentures. The Company expects to announce a special meeting of shareholders as soon as practicable to obtain shareholder approval of the transaction. In connection with the transaction, the Company intends to file relevant materials with the
Participants in the Merger Solicitation
The Company and certain of its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the special meeting of shareholders. Information regarding the Company's directors and executive officers is available in the Company's proxy statement filed with the
Aaron's Investor Relations Contact:
InvestorRelations@aarons.com
Phone: 678-402-3590
Aaron's Media Relations Contact:
MediaRelations@aarons.com
Phone: 678-402-3591
FGS Global
Jim Barron /
aarons@fgsglobal.com
IQVentures Media Relations Contact:
Phone: 888-983-4478
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SOURCE The Aaron's