Cannabis Stock Report: CanniMed Fends Off Aurora, MassRoots Partners, mCig Grows Hemp – PotNetwork (blog)

CanniMed Fends Off Aurora

Don’t worry; I have a plan… The latest chapter in the unfolding soap-opera that is the Aurora-CanniMed affair took place on Wednesday. CanniMed Therapeutics Inc. (TSX:CMED) announced the adoption of a shareholder rights plan to fend off Aurora Cannabis Inc.’s (TSX:ACB) bid for a hostile takeover of the company. The play will allow CanniMed shareholders to vote on the company’s previously announced acquisition of Newstrike Resources Ltd. (TSXV:HIP) in what is becoming the cannabis sector’s most intriguing love triangle.

CanniMed is using the plan to prevent Aurora from obtaining any shares of the company aside from those already offered in the original hostile bid. The shareholder rights plan also puts a hold on any further lock-up agreements Aurora may attempt to sign. Aurora maintains that it has lock-up contracts that amount to 38 percent of CanniMed shares – representing four CanniMed shareholders.

For its part, CanniMed maintains that the Newstrike deal is a better move for shareholders. According to CanniMed, the Newstrike agreement will bring shareholders more value in comparison to Aurora.

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