Home improvement chain Rona rejects unsolicited takeover approach from Lowe’s

MONTREAL – Canada’s largest home improvement chain, Rona Inc. (TSX:RON), says it has received an unsolicited takeover offer from Lowe’s.

The Montreal-area company says the offer from its American rival wouldn’t be in its shareholders’ best interest and Rona will be looking at other options.

Rona says it received the offer nearly a month ago, on July 8 and told Lowe’s last week on July 26 that it was rejecting the proposal.

Takeover rumours have circulated before but Rona only announced the approach from Lowe’s on Tuesday.

Rona says Lowe’s is offering to acquire all its shares for $14.50 each.