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Lowe's withdraws controversial proposal to buy Rona but leaves door open

Published on September 17, 2012; Published on September 17, 2012

Topics :: Lowe's , Rona Inc. , TSX , MOORESVILLE, N.C. , Quebec , Canada

MOORESVILLE, N.C. - The Lowe's home improvement chain is retreating from its controversial plan to buy Rona Inc. (TSX:RON).

The withdrawal comes after Rona, the Quebec government and others objected to a sale of Canada's largest home improvement chain.

Lowe's says it has been unable to come up with a friendly deal but remains committed to the Canadian market through its own stores.

The North Carolina-based company had informally offered C$14.50 per share in cash.

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