OTCPK:DJACF - Post by User
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baystreetguruon Jul 10, 2018 3:23pm
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more HIKU news
more HIKU newsOn July 10, 2018, the Hiku Board unanimously determined, after receiving the advice of its financial and legal advisors, that the Transaction constitutes a "Superior Proposal" pursuant to the arrangement agreement between Hiku and WeedMD Inc. ("WeedMD") originally announced on April 19, 2018 (the "WeedMD Agreement"). The Hiku Board provided notice of that determination to WeedMD. WeedMD has waived its "right to match" the proposal by Canopy Growth. Accordingly, the WeedMD Agreement has been terminated and Hiku has paid a termination fee of C$10 million to WeedMD pursuant the terms of the WeedMD Agreement. Canopy has advanced Hiku the funds to pay the termination fee pursuant to a promissory note.