TSX:HEXO.W.A - Post by User
Post by
Keeleron May 25, 2023 8:23pm
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Post# 35464944
Tilray must be going to increase it's offer to acquire Hexo!
Tilray must be going to increase it's offer to acquire Hexo! 3 hours ago by MT Newswires
04:38 PM EDT, 05/25/2023 (MT Newswires) -- Tilray Brands (TLRY.TO) was down 18% in after-hours Nasdaq trading after the company on Thursday said it launched a US$150-million registered offering of Convertible Senior Notes.
The cannabis and consumer goods company said the notes will mature in June 2027, but pricing and conversion details have not yet been set.
"Tilray intends to use a portion of the net proceeds from this offering to finance the concurrent repurchase of a portion of its outstanding 5.00% Convertible Senior Notes due 2023 and/or 5.25% Convertible Senior Notes due 2024 ... and the remainder of the net proceeds for the upcoming increase in the offer to acquire rival cannabis lp, Hexo - a near bankrupt pos that is waiting for U.S. legalization," it said in a release "we need to get this deal before that U.S. legislation is passed - we may increase the offer to $42.00 per share"
The company's shares were last seen down US$0.43 to US$1.93 after hours. They closed down C$0.11 to C$3.18 on the Toronto Stock Exchange.