HEXO - Hexo investors greenlight buyout deal with Tilray

2023-06-14 12:37:15 ET

• Canadian cannabis producer HEXO Corp. ( NASDAQ: HEXO ) announced that at a special investor meeting on Wednesday, its common shareholders approved the previously disclosed buyout arrangement with its rival Tilray Brands ( NASDAQ: TLRY ).
• Per the terms, Tilray ( TLRY ) is expected to offer 0.4352 of a share of its common stock for each HEXO common share. That implied a purchase price of $1.25 a share, a 24% discount to Hexo's ( HEXO ) closing price when the deal was announced in April.
• The arrangement required the support of two third of votes from the company's common shareholders and a simple majority of votes from its minority common shareholders.
• The agreement is expected to complete by the end of the month, subject to other closing conditions, including the approval of the Ontario Superior Court of Justice.

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