The ruling requires Aurora to amend its takeover bid circular and all related press releases to include information that could impact CanniMed shareholders if they decide to accept or reject the offer. Aurora must also include information pertaining to how they became aware CanniMed’s board would meet to mull a plan to buy Newstrike Resources Ltd. As part of the deal, Aurora wants that deal voided.
Regulators also rejected Aurora’s request to shorten the minimum 105-day period for shares to be deposited to its offer. However, the decision neutralizes CanniMed’s poison pill defense of the takeover, which involved issuing more shares.
Canadian Regulators Make Initial Ruling in Aurora-CanniMed Takeover Saga
