Deals
Rona Rejects C$14.50 Offer From U.S. Retailer Lowe’s
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Rona Inc. investors anticipate a bidding contest to keep the home-improvement retailer in Quebec hands after it rejected an offer from Lowe’s Cos. that sent the shares to a record one-day gain.
“We’re certainly not averse to” the Quebec government leading a counter offer, said Irwin Michael, a money manager in Toronto at IA Michael Investment Counsel, the third-biggest holder of Rona, with 3.65 million shares.