Home improvement retailer Lowe’s Cos Inc said on Monday it was not in talks with HD Supply Holdings Inc to buy the construction materials supplier, denying a media report that surfaced earlier in the day.
“Lowe’s is not in discussions with HD Supply and we have no plans to pursue a transaction with them,” the company said in a statement.
Bloomberg News first reported the discussion, citing people familiar with the matter. The news sent shares of HD Supply surging 17% after the bell, while those of Lowe’s gained 1%.
The report noted it was unclear if HD Supply was talking to other suitors.
HD Supply did not immediately respond to Reuters’ requests for comment.
Source: Reuters.com