Lowe’s Cos. withdrew its unsolicited proposal to buy Quebec-based home-improvement retailer Rona Inc., after Rona’s board rejected the offer for $14.91 a share.
Rona rebuffed Lowe’s request for permission to conduct due diligence and proceed with a friendly transaction, the Mooresville, North Carolina-based retailer said Monday in a statement. The withdrawn proposal, which valued Rona at about $1.8 billion, still makes sense for the companies, Lowe’s said. Rona shares slid the most ever.
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