RONA inc. Suggests Lowe's (LOW) Offer Not In Best Interest
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RONA inc. (TSX: RON), the largest Canadian distributor and retailer of hardware, renovation and gardening products, confirms that its Board of Directors has unanimously determined that an unsolicited, non-binding acquisition proposal recently received from U.S.-based Lowe's Companies, Inc. (NYSE: LOW) is not in the best interests of RONA and its stakeholders.
The Board believes that in the best interests of RONA and its stakeholders, the Corporation should remain focused on executing its business plan with a view to capturing significant opportunities that it sees for its business.
With a view to ensuring market transparency, RONA believes that it is important for its shareholders and other stakeholders to be made aware of these developments.
RONA's Board carefully considered Lowe's non-binding proposal
On July 8, 2012, RONA received an unsolicited, non-binding proposal from Lowe's to acquire all of RONA's issued and outstanding shares at a price of $14.50 per share.
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The Board believes that in the best interests of RONA and its stakeholders, the Corporation should remain focused on executing its business plan with a view to capturing significant opportunities that it sees for its business.
With a view to ensuring market transparency, RONA believes that it is important for its shareholders and other stakeholders to be made aware of these developments.
RONA's Board carefully considered Lowe's non-binding proposal
On July 8, 2012, RONA received an unsolicited, non-binding proposal from Lowe's to acquire all of RONA's issued and outstanding shares at a price of $14.50 per share.
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