Deals
Green Growth Launches $1.8 Billion Hostile Offer for Aphria
- Would be first large cross-border takeover in the industry
- Canadian company came under short-seller attack last year
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Green Growth Brands Inc. faces an uphill battle in its unsolicited bid for Aphria Inc., which reiterated that the C$2.4 billion ($1.8 billion) offer undervalues Canada’s fifth-biggest cannabis producer by market value.
Aphria advised its shareholders to take no action on the formal offer presented late Tuesday, with terms identical to an informal proposal made public last month. Columbus, Ohio-based Green Growth offered 1.5714 shares per Aphria share and plans to complete a third-party equity financing of C$300 million at C$7 a share.