Lowe's Companies Inc. (LOW) said it has formally withdrawn its non-binding proposal dated July 8, 2012 to the board of directors of RONA Inc. (RON.TO) to buy all of the issued and outstanding common shares of RONA for C$14.50 in cash per share.
Lowe's stated that it has repeatedly attempted to engage the board of directors of RONA with respect to its proposal in order to conduct confirmatory due diligence and move forward with a friendly, negotiated transaction.
Lowe's still believes that a combination of the company and RONA makes business sense and would create significant value for all stakeholders.
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