Tilray (NASDAQ: TLRY) and Aphria (TSX: APHA) (NASDAQ: APHA) have formally closed their previously announced merger arrangement. The closing follows the approval from Tilray’s shareholders being received on Friday.
The merger was pegged at a figure of $8.2 billion, based on the closing prices of the two firms on Friday. As of today, Aphria has now formally seen all of its shares acquired by Tilray, with the surviving entity to remain trading on the Nasdaq., with the company to begin trading on the TSX under the symbol “TLRY”.
Under the terms of the merger arrangement, Aphria shareholders received 0.8381 of a Tilray share for each Aphria share held. Tilray shareholders meanwhile will see no change to their holdings. Irwin Simon, previously the CEO of Aphria, will now helm Tilray, taking both the Executive Chairman and CEO roles at the combined entity.
The justification behind the merger effectively amounted to US$81 million in annual pre-tax synergies within 18 months, while creating the largest cannabis firm globally.
Tilray last traded at $18.28 on the Nasdaq.
Information for this briefing was found via Sedar and Tilray. 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.
