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Aphria the Real Deal in Cannabis (NYSE
The organization saw its offers decrease with whatever remains of the market toward the finish of the multi year. Things, in any case, do give off an impression of being turning upward as they are near finishing the previously mentioned undertakings. The not so distant future should see Aphria have the capacity to push nearer toward its development objectives.
Aphria Responds to Unsolicited Proposal by Green Growth Brands
Aphria Inc. (“Aphria” or the “Company“) (TSX: APHA andNYSE: APHA) today responds to the unsolicited proposal by Xanthic Biopharma Inc. d.b.a. Green Growth Brands Ltd. (CSE:GGB) (“GGB”) to acquire all of the Company’s outstanding common shares in an all-stock transaction.
Based on the 20-day volume weighted average price of GGB shares and the expressed exchange ratio of 1.5714 common shares of GGB for each Aphria share, the proposed bid would be approximately 23% below the Company’s average share price over the same period. Aphria shareholders should be aware that the value of GGB‘s per-share offer is based on a hypothetical valuation of its own shares, with no relation to the current price.
GGB’s management presented the offer to Aphria the morning of December 27, 2018, and immediately went public with its proposal, less than six hours later and after the market closed on the same day. The Board believes that GGB is attempting to acquire the company through a highly conditional offer at a significant discount to its current and future value.
Irwin Simon, Chair, said, “While we appreciate GGB’s interest in the value we have created at Aphria and our significant growth prospects, their proposal falls short of rewarding our shareholders for participating in such a transaction. Further, the proposed offer is quite risky given GGB’s condition to complete a brokered financing at a price that is more than double the recent average of their share price, as a key term to the proposal.”
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