Vintage Capital Management, LLC has delivered a letter to the independent directors of Aaron's withdrawing its offer to acquire Aaron's for $30.50 per share in cash in light of the company's recent acquisition of Progressive Finance and continued poor performance.

Vintage Capital Management has nixed its $2.3 billion buyout offer of Aaron's Inc. stock not already owned by the investment firm. However, Vintage Capital stated, it will proceed with plans to gain a majority of seats on the rental firm and furniture manufacturer's board.