Canada?s largest home-improvement retailer, Rona Inc., said Tuesday that it has rejected a $1.8 billion takeover offer from Mooresville-based Lowe?s Inc.
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But Lowe?s indicated it may press on: The company said it has the support of institutional shareholders who own about 15 percent of Rona?s stock.
"Canada's largest home-improvement retailer, Rona Inc., said Tuesday that it has rejected a $1.8 billion takeover offer from Mooresville-based Lowe's Inc. But Lowe's indicated it may press on: The company said it has the support of institutional ?Charlotte Observer"
http://www.charlotteobserver.com/2012/08/01/3419283/canadian-home-improvement-retailer.html
Lowe's, the second-largest home improvement retailer in the U.S., has seen its growth slow as the housing market and the economy continue to drag. The company is still significantly larger than Rona, with 1,745 stores and $50 billion in sales last year. Lowe's has 35 stores in Canada, but none in Quebec.
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In the past year, Lowe's has taken steps to cut costs, including laying off about 1,700 in-store managers, offering buyouts to hundreds of workers at its Mooresville headquarters and cutting by half the number of new stores it plans to open.
Source: http://roccasmexicangrill.com/2012/08/02/lowes-home-improvement/
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