Lowe's Cos Inc said on Monday it had withdrawn its C$1.8 billion ($1.86 billion) proposal to purchase Rona Inc in the face of stiff opposition to the unsolicited bid for the Canadian home improvement retailer.Quebec-based Rona, Canada's home-grown answer to Lowe's and Home Depot Inc, had rejected the C$14.50-a-share offer, saying it was not the best deal for its stockholders."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 said in a statement.The proposal, which never made it to the formal offer stage, became a hot-button issue during Quebec's recent provincial election, with politicians from both the Liberal Party and the eventual winners, the Parti Quebecois, voicing strong opposition to it.
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 0.
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 0.
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