UPDATE 1-Vintage Capital makes new, lower bid for Rent-A-Center

(Adds background on activist investor pressure, quarterly loss)

Nov 3 (Reuters) - Vintage Capital on Friday offered to buy Rent-A-Center Inc for about $693 million, a week after the furniture retailer said it was exploring strategic options after coming under pressure from two activist investors.

The private equity firm's offer of $13 per Rent-A-Center share is lower than the $15 per share it offered in July and represents a premium of 31 percent to the stock's Thursday closing price. Rent-A-Center had rejected the first proposal.

Shares of Plano, Texas-based Rent-A-Center rose 6 percent in trading before the bell to $10.50.

Rent-A-Center has been pressured to sell itself, first by activist hedge fund Engaged Capital, and then by Marcato Capital, which argued that an overhaul of the struggling company could be best achieved in the hands of private owners.

Last week, Rent-A-Center Chairman Steven Pepper resigned over disagreements with the board's decision to explore strategic options.

The company last month reported a bigger-than-expected quarterly loss. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar)