RONA REJECTS LOWE'S ADVANCES

Jul 31, 2012

By Bob Komsic

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Rona is turning down on a $1.8-billion hostile takeover offer from Lowe’s.

The Montreal-area company says the offer from the second-largest home-improvement chain in the United States is not in shareholders’ best interest.

Lowe’s is relatively small in Canada with only about 16 stores and about 28-hundred employees.

By contrast, Rona has more than 30-thousand employees operating nearly 800 stores.

Lowe’s says it’s seeking friendly talks, adding 15 per cent of Rona shareholders like the offer of $14.50 a share.

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