Friday, 20 September, 2019

Aurora, CanniMed end takeover battle with friendly $1.1B deal

Aurora Cannabis Aurora, CanniMed end takeover battle with friendly $1.1B deal
Anna Jefferson | 25 January, 2018, 16:38

That would leave CanniMed with just over 15 percent of the merged company.

Bill Blair, a liberal member of Parliament who has spearheaded the government's efforts to legalize and regulate cannabis, said 14 research projects would each receive $100,000 to study the effects of Canada's recreational weed legalizatoin, which will begin in July of this year.

The acquisition by Aurora would value each CanniMed share at $43 each, which is a 79% premium over the original offer and 181% over CanniMed's share price at that time.

In connection with the merger, CanniMed agreed to terminate a previously agreed takeover of Newstrike Resources Ltd. and will pay the company a C$9.5 million break fee. Aurora Cannabis has agreed to buy CanniMed, one of its competitors, for C $1.1 ($852 million USD). "Market recognition of Aurora's continued performance and strategy execution since we first announced our intention to acquire CanniMed allows us to share that benefit directly with CanniMed shareholders by increasing the offer price, as well as by offering a cash component".

The friendly offer ends months of public posturing between Aurora and CanniMed, which exchanged a series of incendiary statements before and after Aurora took its offer hostile.

"It's been quite a journey, but the things we're going to do together in 2018 and beyond will be unbelievable", Aurora Chief Corporate Officer Cam Battley told Reuters.

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"I think we came to a mutual conclusion that this was the right thing for both companies to do, and especially for our respective shareholders", he said.

"There's no question that 2018 is going to be a year of significant change in this sector, and we're trying to get ahead of that wave".

Analysts say the acquisition increases the likelihood of more mergers and acquisitions this spring.

According to analysts, the goal of this deal is to increase the penetration of medical products based on marijuana.

CanniMed shares closed up almost 12 per cent on the Toronto Stock Exchange Wednesday on news of the takeover. Newstrike plunged 18 percent to C$1.50.

An earlier version of this story included an incorrect title for Cam Battley.

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