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Canadian home improvement chain Rona rejects hostile takeover bid from US …



 

Canadian home improvement chain Rona rejects hostile takeover bid from US …

Canadian home improvement chain Rona rejects hostile takeover bid from US …
News from Washington Post:

TORONTO — The Quebec provincial government said Tuesday a potential hostile takeover of Canada’s largest home improvement chain by U.S. rival Lowe’s is not in the province’s or Canada’s interest after Rona Inc. announced it rejected a $ 1.76 billion Canadian (US$ 1.75 billion) offer from Lowe’s.

Lowe’s said it’s still interested in buying the Montreal area company but Quebec finance minister Raymond Bachand said it may intervene to block any further attempt to buy it. Bachand released a statement that said it was “a transaction that serves neither the interests of Quebecers nor those of Canadians.”

Bachand called Rona a major player in the province’s economy and said it should be noted that almost half of Rona’s purchases are made in the French-speaking province and almost 85 percent in Canada. He said his government is prepared to work with Rona management in the takeover fight. Quebec’s provincial Liberal government is set to call an election this week.

Any foreign takeover of Rona would require federal government approval. Canada’s federal conservative government rejected Anglo-Australian BHP Billiton’s hostile takeover bid for Saskatchewan’s Potash Corp. under pressure from Saskatchewan’s provincial premier and ahead of a federal election. The Conservative government said the Potash takeover would not bring a net benefit to Canada, continues on Washington Post

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Related News:

Trading Options On Home Improvement Retailers’ Upcoming Earnings: Lowe’s …
News from Seeking Alpha:

This year to date both shares of Home Depot (HD) and Lowe’s (LOW) have been performing up to expectations on continued improvements in housing data, sales and consumers who want to continually improve their home. Home Depot and Lowe’s have also benefited from a mild winter this year that leads consumers into their spring buying earlier than anticipated. On April 27th I presented an options trade for how to trade Home Depot’s earnings and then on May 18th I decided to also trade Home Depot’s rival Lowe’s using options. With earnings coming up for Home Depot and Lowe’s I am once again looking to use a non-directional options strategy.

When trading options if a particular strategy continues to work on a stock or sector then in my opinion there is no reason to deviate from the strategy. When trading a company’s earnings the only strategy I prefer to use are non-directional strategies since earnings can be volatile and the short time frame investors have to trade aroun…………… continues on Seeking Alpha

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