Shares of Rent-A-Center Inc (NASDAQ:RCII) are tumbling Tuesday after the rent-to-own specialist based in Plano, Texas terminated its $800 million agreement to be acquired by Vintage Capital Management. The company exercised its right to terminate the merger in light of its financial and operational performance. As part of the deal’s end, the company is asking Vintage to pay a reverse breakup fee of $126.5 million. The move to take Rent-A-Center private, for $15 per share, or $801.3 million, was announced in June. With the assumption of debt, the deal was valued at just under $1.4 billion.
Rent-A-Center shares tumbled 13.9% to $12.44.
SMART Global Holdings (NASDAQ:SGH) shares are still soaring in the wake of the news that it will join the S&P Small Cap 600 on Christmas Eve. SMART designs and manufactures specialty memory products, including dynamic random access memory (DRAM) components. Headquartered in Newark, California, the company will be added to the S&P’s semiconductors sub-industry index. On the S&P 600, it replaces XO Group (XOXO), which is being acquired by WeddingWire Inc.
Smart Global Holdings jumped by 9.9% to $30.87.
Shares of LoveSac Co (NASDAQ:LOVE) are climbing after the designer of foam-filled bean bag couches announced a sharp rise in its fiscal third-quarter sales. For the quarter ended November 2018, net sales jumped 71% to $41.7 million from $24.4 million in the same period a year ago. The sales windfall stemmed partly from steady investments in marketing to create brand awareness. The Stamford, Connecticut company got its start back in 1998 by making foam beanbag chairs and accessories like drink holders, decorative pillows and ottomans.
LoveSac shares rose 8.4% to $23.74.
Shares of the English soccer club Manchester United PLC (NYSE:MANU) are popping as well in response to the sacking of its manager Jose Mourinho. Since the latest season began at the end of August, the Red Devils’ share price has fallen by almost a third, wiping US$1 billion from the club’s market value. Last month, the club, one of the most valuable in the world, also reported a fall in first quarter earnings and revenue. Mourinho’s firing comes after weeks of speculation amid a series of poor performances, rows with star players and public run-ins with the board.
Manchester United shares added 4.9% to hit $18.14
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