The Globe and Mail reports in its Thursday edition that Aphria has formally rejected a hostile bid from U.S.-based Green Growth Brands as failing to recognize Aphria's full value. The Globe's Christina Pellegrini writes that Aphria rebuffed Green Growth's takeover attempt Wednesday after its board was advised by Scotia Capital that the financial terms were "inadequate." Aphria recommended shareholders take no action on Green Growth's offer. Green Growth formally made an unsolicited all-stock bid to buy Aphria on Jan. 23 after disclosing its intention to do so in late December. It offered 1.5714 shares of Green Growth for each Aphria share. The hostile bid is scheduled to expire on May 9. Early in December, Aphria's stock took a beating after a short-sellers' report raised questions about one of the company's recent acquisitions. That sparked a sell-off which saw Aphria shares plunge to less than $5. However, since Green Growth announced its offer on Dec. 27, Aphria shares have been on a tear, closing at $12.80 on Wednesday; Green Growth closed at $5.45, which is well below the $7 level that Green Growth said the stock would be worth if the deal went through. Green Growth's offer would value each Aphria share at $9.22.
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