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.
For further details see:
Hexo investors greenlight buyout deal with Tilray