The Financial Post reports in its Thursday edition that Aphria shareholders appear to be divided over U.S. retailer Green Growth Brands' attempted hostile takeover of the pot producer with some painting the bid as "undervalued" and "futile," while others seeming to have lost faith in Aphria's management and are welcoming change. The Post's Vanmala Subramaniam quotes Steve Hawkins at Horizons ETFs Management saying, "We believe that GGB was simply trying to take advantage of a significant and untimely sell of the stock and genuinely would not have been able to extract the full value of Aphria that we believe still exists within the company." Ohio-based Green Growth is bidding for Aphria, which has a market value more than three times that amount, in an all-stock offer of 1.5714 Green Growth shares for each Aphria share.
Aphria recently reshuffled its upper management, announcing the departure of Vic Neufeld and co-founder Cole Cacciavillani. Greg Taylor at Purpose Investments, whose actively managed marijuana fund took an even larger stake in Aphria as recently as Dec. 31, said: "As the U.S. market opens up, Canadian companies have to start looking at how to get into the U.S. The TSX listing shouldn't be a hindrance."
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