USA News Group - Aphria Inc (NASDAQ: APHA) (TSX: APHA) has seen its shareholders approve the proposed merger with that of Tilray Inc (NASDAQ: TLRY). Following the approval, Tilray is now one step closer to acquiring all the outstanding shares of Aphria.
The special meeting saw of those shares voted 99.38% in favour of the proposed transaction, thereby approving the merger arrangement.
Upon approval, shareholders of Aphria are to receive 0.8381 of a Tilray Class 2 common share for each share of Aphria held. Tilray shareholders meanwhile will continue to hold their current shares with no adjustments being conducted.
The closing of the arrangement remains subject to approval by Tilray shareholders as well as the courts. Tilray announced that the meeting has been pushed to April 30 at 11:00 AM to allow shareholders more time to vote. It's unclear what specifically caused the company to delay voting. Aphria last traded at CAD$17.67 on the TSX.
IM Cannabis and MYM Nutraceuticals
Another proposed merger is getting resistance from shareholders is the IM Cannabis (NASDAQ: IMCC) (CSE: IMCC) and MYM Nutraceuticals Inc. (OTCQB: MYMMF) (CSE: MYM). MYM Nutraceuticals, a Canadian marijuana company with nation wide distribution and impressive sales growth Q1 2021sales of CDN$1.35 million to Q2 2021sales of CDN$4.1 million, equating to a over 200% increase from the previous quarter and pulled out CDN$845,776 in EBITDA.
The Acquisition was announced April 1, 2021 and IMCC closed at C$8.89 that day valuing the 0.022 share conversion for MYM shareholders at C$0.19558 per share, that same day MYM shares closed at CAD$0.23.
Since the announcement IMCC shares have fallen over 29% to ~CDN$6.30 and over 50% since March 3, 2021 from its high of CDN$13.00. IMCC adjusted price would put the value to MYM shareholders at just over 13 cents on April 21, 2021.
A MYM Shareholder group has launched a website in opposition to the merger - https://www.shareholderaction.ca
No special meeting date for vote has been set at this point.
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