Lowe's To Acquire Rona's Preferred Shares For C$24 Per Share In Cash

(RTTNews) - Lowe's Companies, Inc. (LOW) Friday announced that, through a wholly owned subsidiary, it has signed an agreement for the acquisition of Rona's outstanding Cumulative 5-Year Rate Reset Series 6 Class A Preferred Shares and Cumulative Floating Rate Series 7 Class A Preferred Shares for C$24 per share in cash.

The board of directors of Rona has unanimously approved the transaction and has resolved to unanimously recommend that holders of the Preferred Shares vote in favour of the transaction. The transaction is expected to be consummated before the end of the year.

Lowe's noted that Fidelity Investments Canada ULC, that owns a significant portion of the Preferred Shares, has agreed to vote in favour of the transaction.