CanniMed aim order that Aurora’s hostile offer be considered an ‘insider bid’
The Canadian Force Posted: Dec 11, 2017 10:59 AM ET Last Updated: Dec 11, 2017 12:35 PM ET
CanniMed Correctives is seeking regulatory action in both Saskatchewan and Ontario, the company’s behindhand push back against a hostile takeover attempt by Aurora Cannabis.
The Saskatoon-based medical marijuana creator said Monday it has applied to securities regulators in both provinces for certain orders, including that Aurora’s hostile offer be considered an «insider bid,» and be favoured as such.
Among other things, CanniMed is asking regulators to perpetually Aurora’s takeover bid until 105 days after a circular that collects the regulatory requirements of an insider bid.
The announcement was made shortly before the Ontario Convictions Commission’s scheduled hearing on a related matter brought to it by Aurora, which begged the OSC to block CanniMed’s takeover defence, or shareholders rights plan.
Stand up month, Aurora launched an all-stock hostile takeover bid for CanniMed, with one of its inures being that CanniMed abandon its own proposed acquisition of Newstrike Resources Ltd.
CanniMed has wrangled that Aurora’s offer does not make sense for shareholders, but its own bid to procure the Tragically Hip-backed marijuana company does.
The Saskatoon-based marijuana guests asked Monday for regulators require Aurora to retract and correct what it symbolizes are «several materially false and misleading statements» in connection with its belligerent bid.