Aphria urges holder to take no action regarding takeover bid by Green Growth
Aphria confirmed that Green Growth Brands has commenced an unsolicited take-over bid to acquire all outstanding common shares of the company, other than the common shares of the company owned by GGB or its affiliates, in exchange for 1.5714 common shares of GGB. Aphria shareholders are advised to take no action on the Offer until Aphria's board has made a formal recommendation to shareholders. Having received the Offer, the independent committee of Aphria directors will consider it with its advisors before making a formal recommendation to Aphria's board. Shareholders will be notified of any recommendation of the board through a news release and Directors' Circular in accordance with applicable securities laws. The company noted that the Offer's terms are substantially identical to the unsolicited proposal announced by GGB on December 27, 2018. At that time, the Aphria Board stated that it had determined that GGB's unsolicited proposal significantly undervalued the company relative to its current and future value. Based on the 20-day volume weighted average price of GGB shares before GGB's initial proposal and the expressed exchange ratio of 1.5714 common shares of GGB for each Aphria share, the Offer reflects a discount of -23% to the company's average share price over the same period.