RONA inc. (RON.TO: Quote) confirmed that its Board of Directors has unanimously determined that an unsolicited, non-binding acquisition proposal recently received from U.S.-based Lowe's Companies, Inc. (LOW: Quote) is not in the best interests of RONA and its stakeholders.
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. With a view to ensuring market transparency, RONA believes that it is important for its shareholders and other stakeholders to be made aware of these developments.
On July 8, 2012, RONA had received an unsolicited, non-binding proposal from Lowe's to acquire all of RONA's issued and outstanding shares at a price of $14.50 per share.
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by RTT Staff Writer
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