B. Riley Financial, which has been working on the deal as an advisor, issued a statement of its own Wednesday, siding with Vintage.
Shares of Rent-A-Center jumped nearly 8% to US$14.05 in Wednesday pre-market trading.
B. Riley said the termination of the deal constitutes "a material breach of the merger agreement", echoing Vintage’s previous statement.
The rent-to-own company agreed to be acquired by an affiliate of Vintage for $1.37 billion back in June.
However, after reviewing its current financial and operational performance, Rent-A-Center decided to scrap the deal.
The company has also pointed out Vintage’s obligation to pay a $126.5 million reverse breakup fee.
Rent-A-Center will host a conference call on Thursday to discuss its 2019 financial forecast.
The Texas-based company operates around 2,300 stores in the US, Canada, Mexico and Puerto Rico.
Contact Lenore Fedow at [email protected]