Lowe's Cos Inc said on Monday that it had withdrawn its C$1.8 billion ($1.86 billion) offer to acquire Canadian competitor Rona Inc after stiff opposition to the unsolicited bid. "It is unfortunate that the Rona board of directors did not recognize the important economic and commercial benefits of this proposal for its stakeholders and for Canada," the U.S. home improvement chain in a statement.Rona, Canada's home-grown answer to Lowe's and Home Depot Inc, said the C$14.50-a-share proposal was not the best deal for its stockholders.
The Home Depot, Inc. (The Home Depot) is a home improvement retailer. Shares of HD remained unchanged at $59.46. In the past year, the shares have traded as low as $31.03 and as high as $59.71. On average, 9525150 shares of HD exchange hands on a given day and today's volume is recorded at 460.
RONA inc. (RONA) is a distributor and retailer of hardware, home renovation and gardening products. Shares of RON remained unchanged at $12.77. In the past year, the shares have traded as low as $8.64 and as high as $14.49. On average, 633427 shares of RON.TO exchange hands on a given day and today's volume is recorded at 1083102.
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