CanniMed, Aurora to continue stand still agreement ahead of shareholder vote

The Canadian Press
January 22, 2018
By The Canadian Press
SASKATOON – CanniMed Therapeutics Inc. says its truce with rival medical marijuana company Aurora Cannabis Inc. will continue past the original Monday deadline.

The Saskatoon-based company has been fending off a hostile takeover by Aurora, which wants CanniMed to abandon its friendly takeover of Newstrike Resources Ltd.

CanniMed and Aurora's stand-still agreement provides them with an opportunity to hold talks ahead of a rescheduled CanniMed shareholder vote on Thursday.

Under the truce, neither company will solicit any proxies from CanniMed shareholders, solicit an alternative transaction or enter talks about an alternative deal.

In addition, Aurora will not acquire direct or indirect control of any additional CanniMed shares and CanniMed won't make changes to its Nov. 24 offer for Newstrike.

In a press release Monday, Newstrike announced that it consents to the post-poning of CanniMed's shareholder meeting.

The Tragically Hip, a major shareholder in Newstrike, has thrown its support behind CanniMed's takeover bid.


Grow Opportunity
GET CONNECTED

Stay in-the-know on innovative ways to manage your cannabis business, and grow better. Subscribe to our bi-weekly eNewsletter and be the first to hear what’s new in this fast growing industry.

Add comment


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

Most Popular