Aphria rejects Green Growth hostile bid

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Canadian cannabis producer Aphria has rejected US cannabis retailer Green Growth Brands’ hostile takeover bid, saying the offer significantly undervalued the company.

“Green Growth Brands is asking Aphria shareholders to accept a substantial discount on their shares, as well as delisting from both the TSX and NYSE, resulting in a vast dilution of their ownership in Aphria,” says Irwin Simon, chairman of Aphria’s independent board.

Green Growth Brands said last month that it would make a second all-stock takeover bid for Aphria, valuing it at about C$2.35bn (US$1.76bn).

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