Rona Inc. (RON), the Canadian hardware retailer, said it rejected an unsolicited takeover bid of C$14.50 a share from Lowe’s Companies Inc.
“The board believes that in the best interests of RONA and its stakeholders, the Corporation should remain focused on executing its business plan with a view to capturing significant opportunities that it sees for its business,” Rona said in a statement today.
Lowe’s remains interested in pursuing the transaction and is considering “all its options,” Rona said in the statement.
Rona, based in Boucherville, Quebec, closed yesterday at C$11.87 in Toronto, for a market value of C$1.44 billion ($1.44 billion).
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