Deals

Pot Producer Aphria Rejects $2.1 Billion Green Growth Hostile Bid

Offer is 23% below its 20-day average share price, target says
Shares have been pressured by short sellers in recent months

Green Growth Brands Plan Hostile Offer For Canada's Aphria

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Scott Deveau, Natalie Obiko Pearson, and Eric Pfanner

December 28, 2018 at 12:14 PM UTC

Updated on

December 28, 2018 at 3:33 PM UTC

This article is for subscribers only.

Canadian marijuana producer Aphria Inc. rejected a planned C$2.8 billion ($2.1 billion) hostile offer by U.S. cannabis retailer Green Growth Brands Ltd., saying it significantly undervalues the company.

The proposed bid would be about 23 percent below Aphria’s average share price over a 20-day period, the Canadian company said in a statement. Columbus, Ohio-based Green Growth on Thursday said it would offer C$11 per share in an all-stock bid for Aphria, a 46 percent premium over the closing price on Monday, after the stock plunged in November and early December.