Aurora Cannabis launches antagonistic takeover bid for CanniMed Therapeutics
Aurora Cannabis Inc. rigourously launched a all-stock antagonistic takeover bid for CanniMed Therapeutics Friday, on a condition that a medical pot writer cancel a possess designed merger of Newstrike Resources Ltd.
The Vancouver-headquartered protected pot association says in a matter it placed a journal ad for a offer, valued during $24 per share, and a takeover bid round will be mailed to CanniMed’s shareholders.
“We trust that we will be means to accelerate CanniMed’s expansion some-more effectively than stream management, and so we entice and inspire CanniMed’s shareholders to offer their shares to a bid,” pronounced Aurora CEO Terry Booth in a news recover Friday.
Aurora also summarized a conditions of a offer, including that CanniMed’s recently due merger of The Tragically Hip-backed pot association Newstrike not ensue and be terminated.
Aurora says a offer, that would emanate a second-largest medical-cannabis association in Canada, will sojourn on a list until Mar 9, 2018.
This comes after Aurora initial announced on Nov. 14 it submitted a takeover offer to CanniMed’s board, and that it had agreements with shareholders representing 38 per cent of CanniMed’s superb shares to support a bid. It gave CanniMed until Nov. 17 to respond.
On Nov. 14, CanniMed concurred Aurora’s proclamation though pronounced it did not accept a grave offer. CanniMed also combined it was in modernized discussions to acquire Newstrike, that has a partnership with iconic Canadian stone rope The Tragically Hip. On Nov. 17 CanniMed announced it had reached a decisive agreement to acquire Newstrike.
By Nov. 20, Aurora pronounced it did not get a response from CanniMed and designed to go antagonistic with a offer this week
CanniMed pronounced Wednesday it had shaped a special cabinet in expectation of a grave offer from Aurora.
Shares of Aurora Cannabis were adult scarcely four per cent in early morning trade to $7 in Toronto, while CanniMed shares were probably prosaic during $20.94 and Newstrike batch slipped scarcely four per cent to $0.51.
Article source: http://www.cbc.ca/news/business/aurora-cannabis-cannimed-therapeutics-takeover-bid-1.4417757?cmp=rss