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.