Initial Offer to be raised!!! The head of the U.S. cannabis retailer that announced it intends to launch a $2.8-billion takeover bid for Aphria Inc. (APHA.TO), said he could raise his offer for the Canadian pot producer if the company's executives are willing to negotiate after spurning initial advances.
Columbus, Ohio-based Green Growth Brands Ltd. said in a release Thursday it plans to offer $11 per share in an all-stock bid to acquire Leamington, Ont.-based Aphria. A successful deal would create one of the largest cannabis companies in the world, with an established retail presence in Nevada and 250,000 kilograms of marijuana production in Canada.
"Negotiation is part of every combination," said Green Growth Brands Chief Executive Officer Peter Horvath in a phone interview with BNN Bloomberg Thursday night.