20:53:45 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Rona Inc
Symbol RON
Shares Issued 117,992,714
Close 2014-08-28 C$ 14.18
Market Cap C$ 1,673,136,685
Recent Sedar Documents

Post says Rona shares make strong comeback

2014-08-28 07:38 ET - In the News

The Financial Post reports in its Thursday edition on Wednesday, Rona shares punched past $14.50 for the first time since Lowe's made its non-binding bid in July, 2012. The Post's Nicolas Van Praet writes the shares reached an intraday high of $14.75, helped by a price pop for Canadian companies that might be future targets of U.S. rivals seeking tax relief following the announcement of a Burger King-Tim Hortons merger. "I don't think we've seen a step-up in takeover activity or merger speculation around Rona in particular," said analyst Derek Dley at Canaccord Genuity in Toronto. "It's just more a function of some people looking at what could be another potential one of these tax saving [contenders]." Mr. Dley rates Rona shares a hold with a $12 price target. He does not think Lowe's will come back with another offer or that rival Home Depot will manifest an interest in Rona. Politics, for one thing, remains an obstacle for any potential acquirer, with major Quebec political parties agreeing Rona should not be bought out. Under chief Robert Sawyer, Rona management is trying to carry out a recovery that has succeeded on some metrics, but not yet on others. Mr. Sawyer has closed stores and lowered costs.

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