MOORESVILLE, N.C., Sept. 17, 2012 /PRNewswire/ - Lowe's Companies Inc.
(NYSE: LOW) announced today it has formally withdrawn its non-binding
proposal dated July 8, 2012 to the Board of Directors of RONA Inc.
(TSX: RON) ("RONA") to acquire all of the issued and outstanding common
shares of RONA for C$14.50 in cash per share. Lowe's has repeatedly
attempted to engage the Board of Directors of RONA with respect to its
proposal in order to conduct confirmatory due diligence and move
forward with a friendly, negotiated transaction.
Lowe's continues to believe that a combination of Lowe's and RONA makes
business sense and would create significant value for all stakeholders.
It is unfortunate that the RONA Board of Directors did not recognize
the important economic and commercial benefits of this proposal for its
stakeholders and for Canada. Lowe's remains committed to the Canadian
market and will continue delivering outstanding home improvement
products and services to its Canadian customers.
With fiscal year 2011 sales of $50.2 billion, Lowe's Companies, Inc. is
a FORTUNE® 100 company that serves approximately 15 million customers a week at
more than 1,745 home improvement stores in the United States, Canada
and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe's is
the second-largest home improvement retailer in the world. For more
information, visit Lowes.com.
This news release includes "forward-looking statements" including those
regarding that a combination of RONA and Lowes makes enormous business
sense and would create value for all stakeholders and its decision to
explore other alternatives in Canada. Statements including words such
as "anticipate", "believe", "estimate" or "expect" and statements in
the future tense are forward-looking statements. Forward-looking
statements are subject to numerous assumptions, risks and uncertainties
that could cause actual events or actual future results to differ
materially from the expectations set forth in these forward-looking
statements. Although the company believes that the expectations,
opinions, projections, assumptions and comments reflected in
forward-looking statements are reasonable, it can give no assurance
that such statements will prove to be correct. Some of the factors
which could cause results to differ materially from the expectations
expressed in these forward-looking statements include the following:
the possibility that a combination of RONA and Lowes would not make
enormous business sense or create value for all stakeholders, the
possibility that Lowes may not find suitable alternatives in Canada,
the effect of the announcement of the withdrawal of the non-binding
proposal on Lowe's and RONA's strategic relationships, operating
results and businesses generally; failure to realize the expected
benefits of the combination; and general economic conditions. For more
information about these and other risks and uncertainties that we are
exposed to, you should read the "Risk Factors" and "Critical Accounting
Policies and Estimates" included in our Annual Report on Form 10-K to
the United States Securities and Exchange Commission (the "SEC") and
the description of material changes therein or updated version thereof,
if any, included in our Quarterly Reports on Form 10-Q.
The forward-looking statements contained in this news release are based
upon data available as of the date of this release or other specified
date and speak only as of such date. All subsequent written and oral
forward-looking statements attributable to us or any person acting on
our behalf about any of the matters covered in this release are
qualified by these cautionary statements and in the "Risk Factors"
included in our Annual Report on Form 10-K to the SEC and the
description of material changes, if any, therein included in our
Quarterly Reports on Form 10-Q. We expressly disclaim any obligation to
update or revise any forward-looking statement, whether as a result of
new information, change in circumstances, future events, or otherwise,
except as required by law.
SOURCE Lowe's Companies, Inc.