Lowe’s Says Has No Plans to Pursue Deal With HD Supply

Lowe’s  (LOW) – Get Report said it wasn’t in talks to acquire HD Supply  (HDS) – Get Report following reports the home-improvement retailer had approached the building products company.

“While it is the company’s practice to not comment on rumors or speculation, we believe it is important to note that Lowe’s is not in discussions with HD Supply and we have no plans to pursue a transaction with them,” Lowe’s said in a statement.

“The company does not intend to make further statements regarding this matter,” Lowe’s added.

Bloomberg reported Monday that Lowe’s recently had approached HD Supply and that the companies were in preliminary talks. The Bloomberg report cited people familiar with the matter.

Shares of HD Supply were rising 0.62% to $44.02 in premarket trading Tuesday. Lowe’s shares fell 0.45% to $152.76.

HD Supply has a market cap of about $7.05 billion. That is dwarfed by Lowe’s market cap of more than $127 billion.

HD Supply used to be owned by Lowe’s chief rival, Home Depot  (HD) – Get Report, which sold the company to private-equity firms in 2007. They took it public about six years later, Bloomberg noted.

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