Lowe’s bid undervalues Rona's preferred shares: Stirling Funds

U.K. investment firm The Stirling Funds has released an open letter contending that the proposed $3.2 billion buy of Canadian home improvement retailer Rona Inc (TSX: RON) by Lowe’s Cos Inc (NYSE: LOW) undervalues the preferred shares of the former. The investor has retained ÖstVäst Advisory to seek "fair remedies" for Rona's preferred shareholders. Boucherville, Québec-based Rona's largest investor, the Caisse de dépôt et placement du Québec, has said it would accept Lowe's offer.

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