CanniMed Therapeutics: Acquiror or Target?
商品編號：9B20N008
出版日期：2020/05/15
再版日期：2020/05/15
商品來源：
商品主題：Entrepreneurship; Finance
商品類型：Case (Pub Mat)
涵蓋議題：valuation;mergers and acquisitions;valuing emerging industries;hostile takeover
難易度：4 - Undergraduate/MBA
內容長度：20 頁
地域：Canada
產業：Arts; Entertainment; Sports and Recreation;
事件年度：2017
On November 14, 2017, Aurora Cannabis Inc. (Aurora) made a proposal to CanniMed Therapeutics Inc. (CanniMed) to acquire all of CanniMed’s issued and outstanding common shares in a share exchange that valued CanniMed’s common shares at a premium of almost 30 per cent over the previous day’s share price. In its proposal, Aurora requested a response from CanniMed’s board of directors by November 17, 2018, in the absence of which it intended to launch a formal, hostile takeover bid. Instead of responding to Aurora’s offer, CanniMed’s board of directors issued a news release advising shareholders to take no action regarding Aurora’s bid and announcing that CanniMed had entered into an agreement to wholly acquire Newstrike Resources Inc. (Newstrike). As a result, Aurora took its bid directly to CanniMed shareholders, with a condition that CanniMed terminate the proposed Newstrike acquisition. Now CanniMed investors had to carefully consider their alternatives: should they tender their shares to Aurora’s bid, or should they hold on to their shares according to the CanniMed board’s recommendation and then decide whether to vote in favour of the Newstrike transaction?
教學手冊：8B20N008;
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