Aphria, Tilray Granted Regulatory Clearance Under Competition Act For Combination

Aphria Inc (TSX: APHA) (NASDAQ: APHA) this evening reported that the transaction with that of Tilray Inc (NASDAQ: TLRY) is currently slated to close in the second quarter of 2021. The combined entity currently has pro forma revenue of US$685 million on a trailing twelve month basis.

In connection with the transaction, the company this evening launched a website to convince shareholders that it is in their best interest to vote in favour of the transaction. More importantly however, the applicable waiting periods under the Hart Scott-Rodino Antitrust Improvements Act of 1976, has expired, meaning the company effectively has HSR clearance to proceed.

North of the border, the company has received what is referred to as a no-action letter from the Competition Bureau of Canada, meaning that the two firms are approved to proceed with the transaction under the Competition Act of Canada. The two clearances were part of the regulatory hurdles associated with the transaction.

Shareholder approval is still required to be granted for the transactions. Dates for these meetings have yet to be set, as per documents filed by the companies on Friday.

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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