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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