Leamington ON-based
Aphria Inc. (
TSX.APHA) and Nanaimo, BC-based cannabis licensed producer
Tilray Inc. (
NASDAQ: TLRY) have announced an arrangement under the Business Corporations Act (Ontario), pursuant to which, among other things, Tilray, Inc. and following the Arrangement, the "Combined Company") will acquire all of the issued and outstanding Aphria Shares. Pursuant to the Arrangement, the Aphria Shareholders will receive 0.8381 of a Tilray share of class 2 common stock for each Aphria Share held, while holders of Tilray Shares will continue to hold their Tilray Shares with no adjustment to their holdings.
The deal to close the giant merger between Aphria and Tilray will take about two weks or more to finalize. While Aphria said its shareholders overwhlemingly approved the transaction with 99.38% support, Tilray said it will extend its voting deadline to April 30
th to allow its shareholders more time to vote on the deal. Tilray, which has one of the largest retail investor bases in the cannabis sector, also announced it would amend its bylaws to allow a lower number of voters to meet quorum, moving its requirement down to one-third of all outstanding shares rather than a majority of shareholders.
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