Here’s the full press release on the current state of play.
In consideration for the CanniMed Shares taken up on March 12, 2018, Aurora issued approximately 62.8 million Aurora common shares as share consideration and paid cash consideration of approximately $121.5 million.
Shareholders of CanniMed who tendered before the original expiry of the Offer on March 9, 2018, predominantly elected to receive cash. Based on shares tendered before the original expiry date, shareholders who elected all cash will, on a pro rated basis, receive approximately $5.9952 per share in cash and approximately 2.9253 common shares of Aurora. If not already received, former CanniMed shareholders should receive their Aurora shares and cash payments in the next few days.
Remaining shareholders of CanniMed must tender their CanniMed Shares under the Offer by 11:59 pm (Pacific Time) on March 25, 2018. There is no guarantee that Aurora will further extend the Offer after March 25, 2018, and CanniMed shareholders are encouraged to tender as soon as possible.
Integration of CanniMed
With Aurora now owning a controlling interest in CanniMed, integration into the Aurora organization has commenced under the leadership of Andre Jerome, SVP Business Integration. Mr. Jerome is working with the integration section heads at Aurora and their respective counterparts at CanniMed to facilitate a smooth, seamless and rapid integration, and to execute quickly on realizing the strategic synergies identified.
The objective for the integration is to leverage the best practices, capabilities, resources, distribution networks, partnerships and technologies available through Aurora to accelerate development of CanniMed’s strategic initiatives. Conversely, CanniMed’s strong medical presence, science base and product development capabilities will form the foundation of the combined companies’ Medical Cannabis Centre of Excellence. Aurora anticipates that execution on these objectives will drive strong growth of the Company’s activities in the domestic and international medical cannabis markets.