Job offersmore »
- Junior Productie Manager - Kenia
- Quality Assurance Quality Control - Canada
- Senior growers/agronomists - China
- Account Manager Foodservice en Groothandel DACH - Netherlands
- Business Development Manager - California
- Head of Sales North America - Sacramento (CA) USA
- Import Assistant and Operations Assistant - Netherlands
- Farms Director UK - South East
- Agronomist to work abroad
- Export salesperson GERMANY - Barcelona, Spain
Top 5 - yesterday
Top 5 - last week
Top 5 - last month
Exchange ratesmore »
Aurora completes acquisition of CanniMedAurora and CanniMed have entered into a support agreement whereby the Board of Directors and the Special Committee of the CanniMed Board have agreed to support a new offer made by Aurora for the acquisition of all of the issued and outstanding shares of CanniMed not owned by Aurora. In addition to the Board and Special Committee, the new offer will continue to be supported by certain CanniMed shareholders representing 36% of CanniMed's outstanding shares and by Brent Zettl, President and CEO of CanniMed.
The total consideration for CanniMed under the New Offer is approximately $1.1 billion based on Aurora's implied share price of $12.65. The maximum amount of cash available under the amended offer will be $140 million, and the number of Aurora shares to be issued will be between approximately 72 million (assuming full cash elections) and 84 million (assuming full share elections and no cash elections).
Termination of Newstrike arrangement agreement
In connection with the New Offer, CanniMed has entered into a termination agreement with Newstrike, terminating the arrangement agreement between Newstrike and CanniMed, resulting in the payment of a $9.5 million break fee paid to Newstrike. As a result, the CanniMed shareholder meeting originally scheduled for January 23, 2018 and adjourned to January 25, 2018 has been cancelled.
"We are very pleased to have come to terms with CanniMed on this powerful strategic combination that will establish a best-in-class cannabis company with operations across Canada and around the world," said Terry Booth, CEO of Aurora. "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 amended offer includes value certainty and represents a full, compelling and immediate 75% premium over CanniMed's 20-day average price ending January 17, 2018, the day prior to CanniMed and Aurora disclosing they were in discussions. Aurora now invites CanniMed shareholders to share in Aurora's ongoing growth, as we continue to create superior shareholder value, by joining with the CanniMed Board of Directors and tendering their shares to our amended offer."
Brent Zettl, President and CEO of CanniMed, added, "A testament to the great team at CanniMed, this transaction clearly confirms that the Company has been highly successful in becoming a preeminent global leader in the medical cannabis industry. In this leadership position, CanniMed has provided invaluable education, resources, support and relief of symptoms for thousands of patients served around the globe."
"This is an excellent outcome for both Aurora's and CanniMed's shareholders after a hard-fought and diligently negotiated process," said Cam Battley, Aurora's Chief Corporate Officer. "We now look forward to warmly welcoming CanniMed's employees and forging one unified team. Together, under the Aurora banner we'll continue to invest in domestic and international growth, and continue executing on our strategy of building the most dynamic, innovative integrated cannabis company in the world."
For more information:
P.O. Box 209
Cremona, AB. T0M0R0
Publication date: 1/25/2018
Other news in this sector: