Irwin Simon reports
APHRIA ANNOUNCES EXPIRY AND TERMINATION OF GREEN GROWTH BRANDS TAKE-OVER BID
The previously announced takeover bid by Green Growth Brands Inc. has failed to meet the statutory minimum tender condition, has now expired and is terminated. As previously announced on April 15, 2019, Aphria Inc. entered into a definitive agreement with GGB to accelerate the expiry date of the offer to April 25, 2019, as well as to terminate certain arrangements with GA Opportunities Corp. (GAOC) for consideration of $89.0-million payable on future dates as set out in the April 15 press release.
Irwin D. Simon, Aphria's chairman and interim chief executive officer, stated: "We are pleased to have this resolved in a favourable manner. We continue to move forward, creating long-term shareholder value by leveraging our production expansion, industrial-scale cultivation and automation, brand positioning, and our strategic global expansion initiatives that, as mentioned before, will be additionally supported by the $89.0-million in proceeds from the transaction."
The offer is now expired and terminated, and no longer open to any Aphria shareholder to tender their shares. Accordingly, GGB will not be taking up any securities that may have been tendered to the offer. GGB will promptly return to the securityholder any Aphria shares tendered and not withdrawn during the period from the commencement of the offer up to the expiry time of the offer.
Aphria is a leading global cannabis company driven by an unrelenting commitment to its people, product quality and innovation. Headquartered in Leamington, Ont. -- the greenhouse capital of Canada -- Aphria has been setting the standard for the low-cost production of high-quality cannabis at scale, grown in the most natural conditions possible. Focusing on untapped opportunities and backed by the latest technologies, Aphria is committed to bringing breakthrough innovation to the global cannabis market. The company's portfolio of brands is grounded in expertly researched consumer insights designed to meet the needs of every consumer segment.
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