Lowe’s withdraws offer

The American home improvement retailer Lowe’s has withdrawn the buyout bid it made to the board of the Canadian Rona Group on 8 July 2012. The company, which is number two in the American and global DIY markets, had made an offer of CA $ 14.50 per share. The Americans are still convinced that such a takeover would make sense and be profitable to all shareholders. In a press statement they expressly regret that Rona’s board is unable to see the advantages of their bid.