News out ‘very likely’ tom👍👍👍👍 Tilray, Aphria in Advanced Merger Talks, Deal Could be Announced Wednesday: Reports
MIDNIGHTTRADER - Updated 1 hour ago
05:30 PM EST, 12/15/2020 (MT Newswires) -- Cannabis producers Tilray (TLRY) and Aphria (APHA) are in advanced merger talks, with a deal set to be announced as soon as Wednesday, according to CNBC.
Bloomberg reported the new company would be called Tilray and may relocate its headquarters to the US. Both companies are currently headquartered in Canada. Aphria CEO Irwin Simon will head the new company, which will have a combined share of approximately 19% of the Canadian recreational cannabis market. Tilray CEO Brendan Kennedy will serve on the new company's board.
Under the deal, Aphria shareholders will likely hold a 60% stake in the new company, although that number has not yet been set, Bloomberg said.
In June, Bloomberg reported that Aphria was mulling a merger with Aurora Cannabis (ACB).
Shares of Tilray shot up 19% in after-hours trading Tuesday, while Aphria shares climbed 20%.
Price: 9.29, Change: +1.42, Percent Change: +18.04
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