Rona rejects takeover bid

Rona, Canada’s largest home improvement chain, has rejected a takeover bid.

The Montreal-area company says the unsolicited takeover offer from Lowe’s wouldn’t be in its shareholders’ best interest.

Rona says it received the offer on July 8 and rejected the proposal from its American competitor last week.

Rona says Lowe’s is offering to buy its shares for $14.50 each.