Aphria announces successful takeover bid defence

On January 23, 2019, Green Growth Brands (“GGB”) launched a hostile bid (the “GGB Bid”) to acquire all of the outstanding common shares of Aphria (“Aphria”). On February 6, 2019, Aphria filed and mailed its directors’ circular recommending that Aphria shareholders reject the GGB Bid. On April 15, 2019, entered into a series of transactions to accelerate the termination of the GGB Bid and to provide up to an additional $89.0 million of liquidity to Aphria without dilution to shareholders. On April 25, 2019, Aphria announced that the GGB Bid was unsuccessful as a result of failing to meet the statutory minimum tender condition. Fasken acted for Aphria with a team that included Grant McGlaughlin, Bradley Freelan, William Orr, Gesta Abols, Taisha Lewis and Florind Polo (M&A).