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    Wednesday
    Feb032016

    Lowe's to Acquire RONA; Creating Canada's Leading Home Improvement Retailer

                                     -- Transaction valued at C$3.2 billion (US$2.3 billion) --

    - Transaction unanimously approved by both companies' Boards of Directors
    - Agreement is based on compelling strategic rationale for both companies
    - Lowe's pledges important commitments to RONA's key Canadian stakeholders
    - Lowe's to locate its Canadian head office in Boucherville, Quebec; Canadian operations to be headed by  Sylvain Prud'homme, President of Lowe's Canada
    - Acquisition accelerates Lowe's growth strategy in Canada

    MOORESVILLE, N.C. and BOUCHERVILLE, Quebec, Feb. 3, 2016 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) ("Lowe's" or the "Company") and RONA inc. (TSX: RON, RON.PR.A) ("RONA") announced today that they have entered into a definitive agreement under which Lowe's is expected to acquire all of the issued and outstanding common shares of RONA for C$24 per share in cash, and all of the issued and outstanding preferred shares of RONA for C$20 per share in cash.  The total transaction value is C$3.2 billion (US$2.3 billion) (the "Transaction").  The offer represents a premium of 104 percent to RONA's closing common share price on February 2, 2016 and a 38 percent premium to RONA's 52-week high of C$17.36. Together, Lowe's Canada and RONA stores will create Canada's leading home improvement retailer with 2015 pro forma revenues from Canadian operations of approximately C$5.6 billion. Excluding transaction and integration costs, we anticipate the Transaction will be accretive to Lowe's earnings in the first year following the close of the acquisition.

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