U.S. Marijuana Produce Looks To Takeover Local Aphria
Thursday December 27th, 2018
Posted at 7:48pm
Green Growth Brands Ltd. from Ohio announced Thursday that it intends to make an offer to purchase all of the shares of Leamington based Aphria Inc.
The offer is said to be valued at $11 per Aphria share, which is a 45.5% premium to Aphria’s closing price on December 24th, 2018.
“We believe our offer will create value for both Aphria and Green Growth shareholders. We are confident that the significant premium we are offering and the opportunity to participate in the growth of a stronger, combined company are so compelling that we are taking our offer directly to Aphria’s shareholders. Together, we can unleash synergies between our teams, assets and geographies, forming a combined enterprise that will accelerate our collective growth strategies in Canada, the U. S. and overseas,” said Peter Horvath, CEO of Green Growth.
Prior to announcing its intention to take the offer directly to shareholders, Green Growth engaged Aphria’s board to attempt to negotiate a friendly business combination that included, among other things, a very short exclusivity period to allow both parties to seriously consider the combination; a full go-shop provision in favor of Aphria; and the preservation of Aphria’s management and commitment to board representation at the combined company.