September 17, 2012 / 11:19 AM / in 5 years

Lowe's withdraws C$1.8 billion offer to acquire Rona

Sept 17 (Reuters) - Lowe’s Cos Inc said on Monday that it had withdrawn its C$1.8 billion ($1.86 billion) offer to acquire Canadian competitor Rona Inc after stiff opposition to the unsolicited bid.

“It is unfortunate that the Rona board of directors did not recognize the important economic and commercial benefits of this proposal for its stakeholders and for Canada,” the U.S. home improvement chain in a statement.

Rona, Canada’s home-grown answer to Lowe’s and Home Depot Inc, said the C$14.50-a-share proposal was not the best deal for its stockholders.

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