AP News

News Summary: Lowe's withdraws bid for Rona

PULLING BACK: Lowe's Cos. said Monday that it is withdrawing its buyout bid for Rona Inc., saying that the Canadian home-improvement company's board does not seem to want to engage in talks.

BACKGROUND: In July, Lowe's offered 14.50 Canadian dollars ($14.92) per share for Rona, but the company rejected the offer. Based on Rona's 127.4 million outstanding shares, the value of the proposal is 1.85 billion Canadian dollars ($1.9 billion).

OH CANADA: Lowe's says it still feels that the buyout makes sense and that it is still committed to the Canadian market.

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