The Globe and Mail reports in its Thursday edition that Rona's battered preferred-share investors may not be getting as fat a premium as common shareholders in the $3.2-billion takeover by Lowe's, but they should be thrilled with what they are being offered. The Globe's John Heinzl writes that as part of the deal, Lowe's is offering $20 for each Class A rate-reset preferred share. The offer represents a 59-per-cent premium to the closing price of Rona's preferred shares before the deal was announced. Rona's preferreds, like most rate-resets, have been hammered by a massive drop in government bond yields and are facing a potentially hefty cut to their dividend on their March 31 reset date. "I'd be jumping for joy" at the $20 offer, said Jeff Herold at J. Zechner Associates, which manages preferred shares for pension and endowment funds as well as the NexGen Canadian Preferred Share Fund. "Given that the preferred shares were trading at around $13, people just got a lottery ticket," said Mr. Herold, whose firm does not own Rona preferreds. Rona's preferred shareholders have no say on the takeover of the company, but they will have a separate vote on Lowe's $20 offer for their shares.