Lowe's Withdraws Bid to Buy Rona; Remains Committed to Canadian Growth

Lowe's said Monday it has withdrawn its bid to purchase Canadian home-improvement retailer Rona. The $1.86 billion unsolicited acquisition proposal had earlier been rejected by Quebec-based Rona, which said the offer was not the best deal for its shareholders. The proposal generated discord among Rona's dealer companies, many of whom threatened to sever their ties with Rona should Lowe's succeed in its acquisition attempt. In a Monday statement, Lowe's said