RONA says open to talks with its shareholder Invesco

TORONTO Thu Dec 6, 2012 5:25pm GMT

Related Topics

Quotes

   

TORONTO Dec 6 (Reuters) - Rona Inc said on Thursday it was open to discussions with Invesco, a leading shareholder, responding to the investor's calls for the Canadian hardware retailer and distributor to remove its board as a step toward improving its performance.

Acting Chief Executive Dominique Boies said Rona had also asked Invesco, its second-largest shareholder with about a 10.16 percent stake, for nominees to fill two vacant seats on its board.

"We have offered to have Invesco propose candidates and to include them in our process, but they haven't done so yet," Boies said in an interview with Reuters on Thursday.

Invesco last month publicly expressed unhappiness with the company, which rejected a $1.8 billion takeover from Lowe's Co Inc earlier this year. Its criticism came just days after long-time CEO Robert Dutton stepped down at Rona, following yet another quarter of lackluster results.

FILED UNDER: