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AURORA CANNABIS IN (OTCMKTS:ACBFF) Presents Proposal To CanniMed Therapeutics Board

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At the request of IIROC, AURORA CANNABIS IN (OTCMKTS:ACBFF) reported that the firm has submitted a proposal to buy all of the issued and due common shares of CanniMed Therapeutics Inc (TSE:CMED). The proposal was sent to the Board of CanniMed last week and Aurora is looking to pursue a mutually agreed upon deal with CanniMed.

The details

CanniMed has not yet involved in active talks with Aurora, however, the latter firm welcomes the prospect to do so, such that CanniMed’s investors can gain from the notable inherent value in the Proposal. All-share Proposal, valued at $24 per CanniMed share depending on the closing share rate of Aurora on November 14, 2017, exhibits a premium of 56.9% over the closing price of CMED on November 14, 2017.

Irrevocable lock-up deals with around 38% of CanniMed shareholders to poll in favor of Aurora’s tender or proposal to Aurora’s bid. The combination would result in an international pioneer in the cannabis market with a pro-forma market cap surpassing $3 billion. In addition, the combined entity would serve around 40,000 active registered patients. Aurora and CanniMed combined would gain from enhanced capacity for imminent growth with increased access to liquidity and capital, with trading volumes amongst the top in the cannabis market.

Pursuant to the deal, CanniMed shareholders will be eligible to get a maximum of $24 per CMED share or 4.52586207 ACBFF shares, based on the twenty-day VWAP of Aurora. Depending on the closing price of ACBFF on November 14, 2017, this comes to 3.74415 ACBFF for each CMED share.

Grounded on the closing prices of CanniMed and Aurora on November 14, 2017, this exhibits a premium of around 56.9% premium over the closing rate of CMED on November 14, 2017 and a premium of 74.7% over the 20-day VWAP for the period closed November 14, 2017. Upon closure of the transactions anticipated by the Proposal, built on the closing prices of November 14, 2017, the shareholders of CanniMed will hold around 16% of the issued and due shares of Aurora.


 

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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