U.S. home-improvement giant Lowe’s is no longer seeking to buy Canada’s Rona Inc. The U.S. retailer had planned to acquire the Quebec-based company for $1.8 billion.
Rona and the Quebec government have vehemently objected to Lowe’s overture, which started privately in 2011 and became public in July.
In a statement on Monday, the U.S. company said about the withdrawal: “Lowe’s continues to believe that a combination of Lowe’s and Rona makes business sense and would create significant value for all stakeholders.”
The statement called Rona’s decision to reject the takeover bid “unfortunate.”
Monday, September 17, 2012