CMED shares getting delisted!!!! Get ready for $0! Don't hold CMED, SELL TODAY or wait for whatever terms and timeframes Aurora shells out which, given their track record, will be poor.
This could get very, very nasty. Since Aurora now sets the "fair market value for CMED" they don't detail it but that's what the law says.
So at best $9.15*3.4=$31.11 in what Brent Zettl, CEO of CMED, had described as "monopoly money". So if you can get $33+ plus today, TAKE IT! Why take less while being stuck in conversion?
Anyone think Aurora will be nice to the CMED holdouts not wanting to join the "family"? The news release sounds ok but considering part vagueness on these, one can hope for the best but really should expect the worst.
Typical Aurora "confused" message to shareholders. In one paragraph, they call it a "compulsary share acquisition" while on the other, they call it a "subsequent acquisition transaction".
PRO, you are 100% right. Then intend to ensure untendered CMED shares end up worthless! It's pretty clear to me now. The "default" will be "stay with CMED", we will delist them.
Aurora Cannabis now owns 95.9% of CanniMed
"2018-03-28 07:34 ET - News Release
Also News Release (C-CMED) CanniMed Therapeutics Inc
Mr. Terry Booth of Aurora reports
AURORA CANNABIS FINALIZES LARGEST ACQUISITION IN CANNABIS INDUSTRY HISTORY
With the second take-up under its offer to acquire all of the outstanding shares of CanniMed Therapeutics Inc., Aurora Cannabis Inc. now owns approximately 95.9 per cent of CanniMed common shares. The company intends to acquire the remaining outstanding shares it does not already own through a compulsory share acquisition, pursuant to the Canada Business Corporations Act.
....
Take-up details
The company has taken up approximately 23.5 million CanniMed shares pursuant to Aurora's Nov. 24, 2017, bid for all of the outstanding shares of CanniMed, representing 93.1 per cent of the outstanding CanniMed shares as of the expiry time of the offer on March 24, 2018. Aurora issued approximately 69.3 million common shares and paid approximately $134-million for the CanniMed shares taken up. The offer has now expired. Aurora now owns approximately 95.9 per cent of the outstanding CanniMed shares (including CanniMed shares acquired in market purchases).
Aurora currently intends to effect a subsequent acquisition transaction to acquire the CanniMed shares not tendered to the offer, which it anticipates completing through the compulsory share acquisition procedures set out in the Canada Business Corporations Act.
CanniMed shareholders will have the opportunity to receive the same consideration in the subsequent acquisition transaction as they were entitled to receive from the offer. Following the completion of such subsequent acquisition transaction, Aurora intends for CanniMed to apply to the Toronto Stock Exchange to delist the CanniMed shares from trading on the TSX and, if permitted by applicable law, cause CanniMed to cease to be a reporting issuer (or equivalent) under applicable Canadian securities laws. Aurora anticipates completing the subsequent acquisition transaction and delisting toward the middle of the second calendar quarter of 2018. "