Rona Rejects Takeover Bid by American Hardware Giant

A day after Canadian hardware and renovation supplier Rona Inc. rejected a hostile takeover bid from U.S. home improvement giant Lowe’s Companies Inc., a key Rona shareholder confirmed its backing for the bid.

Invesco Canada, one of Quebec-based Rona’s biggest shareholders, expressed disappointment in the company’s management and said it supports Lowe’s unsolicited proposal of $1.76 billion, according to the Canadian Press.