APHA - Aphria - Tilray merger granted shareholder approval

Tilray ([[TLRY]] +2.8%) is trading higher today after Aphria ([[APHA]] -0.5%) won the shareholder approval for the proposed merger between the Canadian rivals.Out of ~108K Aphria shares represented by proxy at the meeting equaling ~34.4% of its outstanding share count, ~99.4% votes have been cast in favor of the merger, the company said.As previously announced, Aphria shareholders will receive 0.8381 for each Tilray class two common stock.“We appreciate their support, as we believe the business combination will create a combined company with a strong financial profile, low-cost production, market share leading brands, distribution network and unique partnerships,” noted Irwin D. Simon Aphria’s CEO.After its Q3 fiscal 2021 earnings failed to meet the consensus, Canaccord Genuity downgraded Aphria to hold from speculative buy.

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Aphria – Tilray merger granted shareholder approval