A password will be e-mailed to you.

The Ontario Securities Commission has intervened in the first major hostile takeover bid in the brief history of Canada’s cannabis industry, ordering Aurora Cannabis Inc. to provide more robust disclosure regarding any ties to individuals “in a special relationship” with target CanniMed Therapeutics Inc. and blocking CanniMed from adopting a so-called “poison pill” defence. Alberta-based Aurora made an unsolicited all-stock offer in November of up to $24 per share for Saskatoon’s CanniMed, a fellow medical marijuana company, which in turn adopted a shareholder rights plan, or poison pill, in an attempt to block the takeover. Aurora said in a Nov. 14 news release that it had delivered its proposal to CanniMed’s board the day before, adding that it had lock-up agreements to support its bid with shareholders that now represent approximately 36 per cent of CanniMed’s outstanding shares. OSC orders Aurora to provide more disclosure, blocks CanniMed poison pill in marijuana takeover battle

thumbnail courtesy of financialpost.com

No more articles