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school135perm Homepage > Equities > Toronto Stock Exchange > CanniMed Therapeutics Inc CMED CA13767U1093

CANNIMED THERAPEUTICS INC (CMED)
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CanniMed Therapeutics : Canadian regulators ask CanniMed to abandon rights plan against Aurora bid

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12/27/2017 | 04:34pm CET

Medical marijuana maker CanniMed Therapeutics Inc (>> CanniMed Therapeutics Inc) should withdraw a shareholder rights plan adopted to fend off a hostile bid from larger rival Aurora Cannibis Inc , two Canadian regulators have ruled.

Medical marijuana maker CanniMed Therapeutics Inc (>> CanniMed Therapeutics Inc) should withdraw a shareholder rights plan adopted to fend off a hostile bid from larger rival Aurora Cannibis Inc <ABC.TO>, two Canadian regulators have ruled.

The Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission also denied Aurora's request to shorten the deposit period for the offer to 35 days from 105 days.

Alberta-based Aurora offered to buy CanniMed for C$24 per share in Nov. 24, but within days CanniMed adopted a shareholder rights plan, or a "poison pill", viewing the offer as "coercive".

Earlier this month, CanniMed approached the regulators to declare Aurora's decision to take the buyout offer directly to CanniMed shareholders as an insider bid.

The regulators also rejected CanniMed's request to consider the offer as an insider bid.

An insider bid is a takeover offer made by a company insider or their affiliates within a year before the bid. Canadian securities laws demand disclosure, review and approval processes in the event of such a bid to protect minority shareholders.

CanniMed's shares were up 5 pct at C$20.93 in early morning trade, while those of Aurora rose 7 pct to C$7.72.

(Reporting by Taenaz Shakir in Bengaluru; Editing by Sriraj Kalluvila)

Stocks treated in this article : Aurora Cannabis Inc, CanniMed Therapeutics Inc
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Financials ( CAD)
Sales 2017 17,1 M
EBIT 2017 -7,79 M
Net income 2017 -
Finance 2017 1 678 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 -64,0x
EV / Sales 2018 15,2x
Capitalization 587 M
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Average target price 23,3 CAD
Spread / Average Target -2,9%
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Brent Harold Zettl President, Chief Executive Officer & Director
Donald R. Ching Chairman
John L. Knowles Chief Financial Officer & Director
Larry Holbrook Chief Research Officer
Douglas W. Banzet Independent Director
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