Globe says Xanthic makes offer for in-turmoil Aphria

Xanthic Biopharma Inc (2) (C:GGB)
Shares Issued 178,997,390
Last Close 12/27/2018 $4.98
Friday December 28 2018 - In the News

Also Aphria Inc (C:APHA) In the News

The Globe and Mail reports in its Friday edition that already under siege from American short-sellers, Aphria now faces the threat of a takeover by a newly created U.S. cannabis company. A triple-bylined item led by David Milstead says that the acquisition proposal from Xanthic Biopharma, operating as Green Growth Brands Ltd., was announced late Thursday. Minutes later, Aphria announced it had removed chief executive officer Vic Neufeld from the role of chair and replaced him with an independent director. Under the unusual offer, Green Growth plans to announce a takeover of Aphria worth $2.8-billion, or $11 a share -- a 45-per-cent premium to Aphria's closing price. A formal bid is still to come. Green Growth had a market valuation of a little less than $900-million on Thursday, less than half of Aphria's worth. The announcement comes after short-sellers accused Aphria of overpaying for international acquisitions, and alleged that the acquired assets had been owned previously by firms with apparent ties to an adviser and prominent investor in Aphria. Aphria has called the allegations "false and defamatory"; its shares have plummeted 27 per cent since the short-sellers went public in early December.

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