The Globe and Mail reports in its Saturday edition that Lowe's has boosted its offer for Rona's remaining preferred shares, more than four months after the U.S. home renovation retailer closed its $3.2-billion takeover of its Canadian rival. A Canadian Press dispatch to The Globe says that Lowe's is offering a total of $165.5-million, or $24 a share, in cash, to the holders of the 6.9 million preferred shares. The preferred shareholders rejected a $20-a-share offer in March. Some preferred shareholders described the prior offer as "oppressive" because it was less than the $25 face value for the shares. Lowe's says the preferred-share purchase and retiring of $117-million in debentures will simplify its financial reporting obligations. The company would also no longer have to pay quarterly dividends to the preferred shareholders. The offer must be approved by at least two-thirds of preferred shareholders at a meeting expected to take place in November. Fidelity Investments Canada, which owns a significant number of these shares, has agreed to vote in favour of the deal. Preferred shares are higher on the pecking order than common shares when it comes to a company's assets and earnings.