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A Rona Home & Garden store in Toronto.
A Rona Home & Garden store in Toronto.
(Fred Lum/The Globe and Mail)

Rona played the takeover game like a pro

Rona Inc. won the game against Lowe’s Cos. by running a trick play from the takeover defence playbook.

Two months after approaching Canada’s biggest hardware retailer about a $14.50-a-share takeover bid, Lowe’s is now slinking away. The U.S.-based company, faced with huge political hurdles in Rona’s home base of Quebec, formally withdrew its interest in Rona on Monday.