Cannabis giant Aurora to buy rival MedReleaf in $3.2 billion deal
15 May, 2018, 03:30 | Author: Arnold Perez
The two companies closed the deal in preparation for marijuana becoming legalized for recreational use in Canada.
Canada's relaxed regulations, a mature industry and free-flowing capital have offered firms a unique opportunity to advance research without the legal and political risks that bog down growers in the United States and elsewhere.
The acquisition is Aurora's second large deal this year, coming just months after it bought CanniMed Therapeutics for C$1.1 billion. When the transaction is finalized, Aurora shareholders will own close to 61 percent of the newly combined company, following the all-stock deal, while MedReleaf shareholders would own about 39 percent of the new company, according to the press release. The deal values MedReleaf shares at C$29.44, which is a 34 percent premium based on the. Markham, Ontario-based MedReleaf Corp.is an R&D-driven company dedicated to innovation, operational excellence and the production of top-quality cannabis.
Under the terms of the Arrangement Agreement, announced by the companies on Monday, holders of MedReleaf common shares would get 3.575 common shares of Aurora for each MedReleaf common share held - called an "Exchange Ratio".
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