RONA holders approve Lowe’s acquisition of series 6, 7 preferreds

By Marisa Wong

Morgantown, W.Va., Nov. 15 – RONA Inc. said that holders of its cumulative five-year rate reset series 6 class A preferred shares and cumulative floating-rate series 7 class A preferred shares approved a buyout of the two series of preferreds at a special meeting held on Tuesday.

Under a plan of arrangement dated Oct. 6, Gestion Lowe’s Canada, Inc., a wholly owned subsidiary of Lowe’s Cos., Inc., will acquire the two series of preferreds at C$24.00 per share in cash.

The arrangement was approved by 95.19% of the votes cast by the preferred shareholders present or represented at the special meeting.

Completion of the arrangement is still subject to the granting of a final order by the Quebec Superior Court and the satisfaction or waiver of some other closing conditions. If court approval is granted and the other conditions are satisfied, RONA expects the arrangement to be completed on Friday.

Lowe’s is a home improvement company based in Mooresville, N.C. RONA is a distributor and retailer of hardware, building materials and home renovation products based in Boucherville, Quebec.

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