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Aurora Cannabis Inc (OTCMKTS:ACBFF) Denies CanniMed’s Call For Government Interference To Block Takeover Bid

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Aurora Cannabis Inc (OTCMKTS:ACBFF) responded to the call by CanniMed Therapeutics Inc. CEO Brent Zettl for interference by the Government of Saskatchewan to stop Aurora’s offer to buy all issued and due shares of CanniMed. As per a December 8, 2017 Star Phoenix article, Zettl sent a letter to fellows of the Saskatchewan Legislative Assembly, requesting for the provincial government to mediate and block the proposed deal, which provides CanniMed shareholders a premium of 57% more than the price at which CanniMed’s shares were was trading prior to company’s expression of interest.

The details

As per the Star Phoenix article, Zettl indicated that government support of CanniMed’s management was required to retain jobs in the province, ensure their patients get quality product when they require it, and generate the kind of returns their shareholders deserve. Zettl’s comments are ambiguous. CanniMed Therapeutics’ facilities in Saskatchewan are a key element of Aurora’s interest in former firm, and Aurora has previously reported publicly that the firm plans to continue to invest in and expand employment and operations in Saskatchewan.

Such investment will comprise boosting the pace of completion of CanniMed’s development project, and uplifting the quality of CanniMed’s manufacturing practices and standard operating processes to achieve European Union GMP certification, which Aurora has already attained at its Aurora Mountain facility in Alberta.

Pertaining to shareholder returns, CanniMed Therapeutics’ performance has remained among the poorest in the cannabis segment. CanniMed’s share price surged just 27.5% between its IPO in December 2016 and Aurora’s offer to buy CanniMed in November 2017. By comparison, Aurora’s stock price surged by 180% during the same period.

The Star Phoenix posted that the Government of Saskatchewan overruled the CanniMed CEO’s strategy, with a spokesperson mentioning that the Ministry of Economy considers this strictly as a commercial deal, and will not be stating further.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.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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