Canada Home Improvement Retailer Rejects Lowe's Buyout Offer

Aug 1, 2012

Canada’s largest home improvement retailer has rejected an offer from Lowe’s to buy the company. WFAE’s Marshall Terry has more on that story.

The hardware retailer Rona turned down the $1.8 billion offer saying it’s not in the best interests of its shareholders. In a statement released today, Lowes expressed its disappointment, but also says it’s not giving up on the deal. The Mooresville company says it’s making all of the details of its proposal public so that Rona shareholders have the opportunity to fully evaluate the proposal. Lowe’s says it already has the support of a group of shareholders that account for about 15 percent of Rona’s stock. Rona operates about 800 stores across Canada.