ATLANTA -- Furniture manufacturer and rental firm Aaron's, Inc. (NYSE: AAN) filed with the SEC measures to protect against a buyout, coupling it with a response to Vintage Capital Management and its managing member Brian Kahn. Aaron's took a defensive position against Kahn's $2.3 Billion buyout proposal.

Aaron's, Inc. operates Woodhaven Furniture Industries, a captive division that manufactured more than $100 million, at cost, of furniture and bedding in the 14 facilities Aaron's operate's in seven states. Most of the production of Woodhaven is for shipment to Aaron's 2,100 retail and franchise  stores.

The unsolicited $2.3 billion buyout offer from Vintage Capital Management came just before Aaron's reported Feb. 7 that its net income plunged 38% in the fourth quarter.

Aaron's board said in its SEC filing that Kahn, a former franchisee of Aaron's, and Vintage, which has a controlling person of its smaller competitor Buddy's Home Furnishings, have made "unfunded and unspecific non-binding proposals to acquire Aaron's. Members of the Aaron's Board and management team have met with Mr. Kahn on a number of occasions to listen to his proposals."

While the board said it would again review Kahn's offer, its 2014 Business Plan is its preferred strategy. This includes a $125 million common stock repurchase program already completed this quarter, aising its dividend, opening more stores and closing poor performing ones, selling its RIMCO tire sales operation, and settlement of long running legal cases in California.