Green Growth’s attempted takeover of Aphria ‘expired and terminated’

Aphria Inc. has announced that Green Growth Brands’ much-discussed attempted takeover of its company has failed.

Aphria claims that the offer “failed to meet the statutory minimum tender condition” and has now “expired and is terminated”.

As previously announced on April 15, 2019, Aphria entered into a definitive agreement with GGB to accelerate the expiry date of the Offer to April 25, 2019, as well as to terminate certain arrangements with GA Opportunities Corp. for consideration of C$89.0 million payable on future dates.

Irwin D. Simon, Aphria’s Chairman and Interim Chief Executive Officer stated, “We are pleased to have this resolved in a favourable manner.

“We continue to move forward, creating long-term shareholder value by leveraging our production expansion, industrial scale cultivation and automation, brand positioning and our strategic global expansion initiatives.”

Irwin D. Simon, Aphria

“We continue to move forward, creating long-term shareholder value by leveraging our production expansion, industrial scale cultivation and automation, brand positioning and our strategic global expansion initiatives that, as mentioned before, will be additionally supported by the $89.0 million in proceeds from the transaction.”

GGB’s offer is  no longer open to any Aphria shareholder to tender their shares.

Accordingly, GGB will not be taking up any securities that may have been tendered to the offer.

GGB will promptly return to the securityholder any Aphria shares tendered and not withdrawn during the period.

Headquartered in Leamington, Ontario, Aphria has a presence in more than 10 countries across 5 continents.Cannabis Business Worldwide

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