Aphria Reports Independent Proxy Firms Approve Of Tilray Merger

Aphria Inc (TSX: APHA) (NASDAQ: APHA) is evidently looking to drum up shareholder support for its proposed transaction with Tilray Inc (NASDAQ: TLRY). The firm this morning released that two separate proxy advisory firms have provided favourable voting recommendations to institutional investors for the transaction.

The two firms, Institutional Shareholder Services, and Glass Lewis and CO, have reportedly recommended that shareholders voting in favour of the transaction. In reaching its conclusion, ISS reportedly highlighted US$78 million in pre-tax cost synergies within two years of the transaction closing as well as the pro-forma revenue figures as being a large part of its positive recommendation. Also highlighted was the pro-forma European operations that include both cultivation and distribution across the EU.

Glass Lewis meanwhile was much less specific in its conclusion, instead referencing that the transaction implies “a standard market premium,” for both entities within the transaction.

Shareholders are set to vote on the transaction on April 14 at a special meeting.

Aphria Inc last traded at $22.75 on the TSX.

Information for this briefing was found via Sedar and Aphria Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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