Home improvement retailer Lowe’s aims to acquire Canadian competitor Rona for C$1.8bn (£1.15bn).

Rona has already publicly rejected the offer stating that “it is not in the best interest of the company and its stakeholders” and that it would prefer to remain focused on executing its business plan.

Rona is implementing its ‘New Realities, New Solutions’ programme, which involves closing some big-box stores and focusing on a neighbourhood store concept.