Aurora Cannabis stake in CanniMed rises to 2.7% after buying more shares

[ad_1]

Aurora Cannabis Inc. (TSX: ACB) says it has increased its stake in competitor CanniMed Therapeutics Inc. (TSX:CMED) by buying 91,800 common shares, taking its total to 657,800 or about 2.7 per cent of the outstanding share pool.

Edmonton-based Aurora says its purchases were made in connection with its offer in November to purchase all of the common shares of CanniMed, a takeover that has been aggressively resisted by the target company.

READ MORE: CanniMed says hostile takeover bid by Aurora weighing on share value

It says the highest price paid for CanniMed shares on Thursday was $23.99 and it has paid an average price of $22.98 per share in the three purchases of its campaign starting last Friday.

Aurora has said it’s allowed to buy up to about five per cent of the Saskatoon-headquartered CanniMed’s stock on the open market.

READ MORE: Aurora Cannabis purchases 116K common shares of CanniMed Therapeutics

On Wednesday, CanniMed urged shareholders not to sell, arguing Aurora’s hostile proposed all-stock deal has had a detrimental effect on its share price.

[ad_2]

Source link

Content Source

Buds
Buds
This is the Buds2Go Staff Account. We work really hard to provide information and news about marijuana legalization, product information and promotional events going on across Canada. We are fanatics and experts on strains and utilizing medical cannabis for the treatment of common ailments.

Leave a Reply