Rainbow Rentals, Inc. Sets May 12 for Special Meeting of Shareholders to Vote on Merger Agreement with Rent-A-Center, Inc.
April 06 2004 - 5:00PM
PR Newswire (US)
Rainbow Rentals, Inc. Sets May 12 for Special Meeting of
Shareholders to Vote on Merger Agreement with Rent-A-Center, Inc.
CANFIELD, Ohio, April 6 /PRNewswire-FirstCall/ -- Rainbow Rentals,
Inc today announced it has scheduled aspecial meeting of
Shareholders for May 12, 2004 to consider and vote on the adoption
of the merger agreement with Rent-A-Center, Inc . As previously
announced on February 4, 2004, Rainbow Rentals and Rent-A-Center
entered into an agreement and plan of a merger pursuant to which
Rainbow would become a subsidiary of Rent-A-Center and each
shareholder would receive $16.00 in cash for each of their shares.
Shareholders of record of Rainbow on April 12, 2004 will be
entitled to vote on the transaction.Rainbow plans to mail
definitive proxy material to shareholders relating to the Special
Meeting on or about April 14, 2004. The merger is subject to
approval by the holders of a majority of the outstanding shares of
Rainbow Rentals common stock and the satisfaction of other
customary conditions, including compliance with applicable
antitrust requirements. Rainbow Rentals and Rent-A-Center received
early termination of the waiting period specified in the
Hart-Scott-Rodino Antitrust Improvement Act of 1976 on March 11,
2004. The merger is expected to be closed in May 2004. Rainbow
offers brand name, full-featured appliances, electronics, computers
and furniture at 124 rental-purchase stores in 15 states --
Connecticut, Georgia, Indiana, Kentucky, Maryland, Massachusetts,
Michigan, New York, North Carolina, Ohio, Pennsylvania, Rhode
Island, South Carolina, Tennessee and Virginia. Rainbow also
accepts product orders by phone and its website, located at
http://www.rainbowrentals.com/ . Established in 1986, Rainbow is
headquartered in Canfield, Ohio, and employs nearly 900 associates.
DATASOURCE: Rainbow Rentals, Inc. CONTACT: Michael A. Pecchia, CFO
of Rainbow Rentals, Inc., +1-330-533-5363, ext. 118, or Web site:
http://www.rainbowrentals.com/
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