Aaron's, the publicly traded electronics and furniture lease company, has engaged Joele Frank, Wilkinson Brimmer Katcher amid $2.3B takeover offer from private equity firm Vintage Capital Management.
Aaron's received the unsolicited offer, a 12.8% premium on its Feb. 6 share price, this month, the fourth move to buy Aaron's in three years.
Atlanta-based Aaron's told shareholders Feb. 21 that a special committee of the company's board will weigh the offer from Vintage, which is led by a former franchisee of Aaron's, Brian Kahn. Vintage controls Aaron's competitor Buddy's home Furnishings.
Joele Frank partners Steve Frankel and Tim Lynch are advising Aaron's on the PR front.
Aaron's noted Kahn and Vintage "have over the years made unfunded and unspecific non-binding proposals" to acquire the company.
Aaron's fourth quarter 2013 revenue declined 2% to $553.9M. Net earnings fell 38% to $22.7M.