Edmonton-based licensed producer Aurora Cannabis Inc. says it has been successful in its friendly offer for CanniMed Therapeutics Inc. and will now begin the process of combining the two companies.
The company says 70.66 per cent of CanniMed’s shares have been tendered to its offer and that it will now take up and pay for them as soon as possible.
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Aurora will issue about 50.6 million shares and pay about $98 million in cash for the CanniMed Shares tendered as of Thursday.
The offer for the remaining outstanding shares has also been extended by 15 days to 11:59 PT on March 25
Aurora struck a stock-and-cash deal valued at $1.1 billion to buy CanniMed in January.
The agreement ended a sometimes-bitter takeover battle between the marijuana companies.
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Aurora Cannabis’ Aurora Sky growing facility being built at the Edmonton International Airport is poised to be the largest licensed cannabis facility in the world.
Aurora also operates a 55,000-square-foot cannabis facility in Cremona, just north of Calgary, and two other facilities in Quebec.
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The company is also working on expanding into Europe.