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Lowe's withdraws bid to buy Rona; remains committed to Canadian growth
Morrisville, N.C. -- Lowe’s Cos. Inc. said Monday it has withdrawn its bid to purchase Canadian home-improvement retailer Rona Inc.
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.
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Best Buy CEO sells $1.19 million of stock
Minneapolis -- A filing with the Securities and Exchange Commission revealed that Best Buy Inc. CEO Hubert Joly has sold $1.19 million worth of shares of common stock of the company.
Joly sold 65,796 shares at a price of $18.02 per share, according to the SEC filing. According to Best Buy, the stock sale was made to cover taxes associated with stock grants.