LEAMINGTON, Ont. — Aphria Inc. urged its shareholders to take no action after Green Growth Brands Inc. officially launched its unsolicited offer for the company.
The marijuana producer said an independent committee of directors will review the bid.
Aphria said its shareholders should wait until its board of directors has made a formal recommendation.
The official offer comes after GGB said late last year that it planned to make an all-stock offer of 1.5714 GGB shares for each Aphria share.
At that time, Aphria’s board said the unsolicited proposal “significantly undervalued” the company.
Aphria shares closed at $9.43 on the Toronto Stock Exchange on Tuesday, while GGB shares closed at $5.98 on the Canadian Securities Exchange.