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Rent-A-Center says Engaged Capital rejects 2 board seats
May 22, 2017 / 8:31 PM / 7 months ago

Rent-A-Center says Engaged Capital rejects 2 board seats

May 22 (Reuters) - Rent-A-Center said on Monday that activist investor Engaged Capital LLC, which has been pushing the furniture retailer to sell itself, rejected two board seats offered by the company.

Engaged Capital has no interest in negotiating with the company’s board to reach an “amiable” resolution, Rent-A-Center said in a filing.

The activist investor, which owns a 16.9 percent stake in Rent-A-Center, has waged a proxy fight to gain control of the company’s board by nominating five members in February.

The company responded to Engaged Capital’s move by adopting a so-called “poison pill” plan.

Engaged Capital said last month it had no intention to make a takeover bid for the company.

Rent-A-Center’s shares closed up 1 percent at $11.04 on Monday on the Nasdaq. (Reporting by Karina Dsouza in Bengaluru; Editing by Anil D‘Silva)

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