Lowe's nominates directors after 'constructive' talks with D.E. Shaw [Reuters]
Lowe's Companies, Inc. (LOW)
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Source: Reuters
Lowe's nominates directors after 'constructive' talks with D.E. Shaw | Reuters 3 Min Read (Reuters) - Home improvement chain Lowe’s Cos Inc ( LOW.N ) said it has nominated two independent board members and plans to add a third following “constructive” talks with hedge fund D.E. Shaw Group, which has taken an activist stake, sending shares up 3 percent on Friday. D.E. Shaw has built a stake worth roughly $1 billion in the $84 billion company, according to a source familiar with the matter. Shaw has been concerned about Lowe’s operational performance in comparison with peers, the source added. Lowe’s same-store sales growth has lagged Home Depot’s ( HD.N ) for several years as it focuses more on do-it-yourself customers compared to its bigger rival’s focus on professional contractors who bill more. While Lowe’s stock jumped 30 percent last year, it underperformed Home Depot’s 41 percent rise. Lowe’s shares added $3.25 to $104.56 on Friday. Chief Executive Officer Robert Niblock said
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