Aphria (TSX: APHA) (NYSE: APHA) announced that the take-over bid by Green Growth Brands (OTCMKTS:GGBXF) has failed to meet the statutory minimum tender condition and has now expired and is terminated.
As announced on April 15, Aphria entered into a definitive agreement with GGB to accelerate the expiry date of the offer to April 25 as well as to terminate certain arrangements with GA Opportunities Corp. (GAOC) for consideration of $89.0 million payable on future dates.
Irwin Simon, chairman and interim chief executive officer of Aphria, stated that the company is happy 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,” Simon added.
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.
All Aphria shares that have been tendered to the offer will be promptly returned to the company’s shareholders, GGB said in a separate statement.