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Title : Aurora going ahead with CanniMed offer after failing to reach deal with board
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Aurora going ahead with CanniMed offer after failing to reach deal with board

TORONTO -- Aurora Cannabis Inc. says it's going ahead with plans for an all-stock takeover offer for CanniMed Therapeutics Inc. after failing to reach an agreement with the company's board.

The company proposed the deal last week and gave the CanniMed board until Friday to respond.

However, Aurora says the board has not replied and it's now going ahead with its bid which it valued at $24 per CanniMed share.

Aurora (TSX:ACB) says it has agreements with shareholders representing 38 per cent of CanniMed's outstanding shares to support its bid.

The offer follows an announcement by CanniMed on Friday that it struck an all-stock to deal to acquire marijuana company Newstrike Resources Ltd.

Under the Newstrike deal, shareholders of the company (TSXV:HIP) will receive 0.033 CanniMed shares (TSX:CMED) for each Newstrike share held. The companies valued the offer at 50.5 cents per share, based on CanniMed's share price on Nov. 14 before it disclosed it was in talks to acquire Newstrike.

CanniMed shareholders would own approximately 65 per cent of the combined company, while Newstrike shareholders would hold the remaining 35 per cent.

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