ATLANTA (AP) — Furniture leasing company Aaron’s has agreed to buy online rent-to-own finance company Progressive Finance Holdings for $700 million in cash in a bid to turn around its business even as it cut its first-quarter outlook.

Meanwhile, Aaron’s also said it rejected a takeover offer from Vintage Capital Management, its second largest shareholder, for $30.50 per share, a 1 percent premium on the stock’s closing price Monday. Aaron’s says the offer is not in the best interest of shareholders.