On January 24, 2018, Aurora Cannabis Inc. (“Aurora”) announced it has entered into a support agreement whereby Aurora will acquire all of the issued and outstanding shares of CanniMed Therapeutics Inc. (“CanniMed”) not owned by Aurora. The total consideration for CanniMed under the offer is approximately $1.1 billion based on Aurora's implied share price of $12.65. The new offer was made in place of a hostile takeover bid of CanniMed by Aurora.
In connection with the acquisition by Aurora, CanniMed has terminated its previously announced agreement to purchase Newstrike Resources Ltd. ("Newstrike") in an all-stock deal under which Newstrike shareholders would have received 33 CanniMed shares for each 1,000 shares of Newstrike.
Osler is acting as counsel to AltaCorp Capital Inc., the financial advisor to CanniMed in all transactions, with a team consisting of Mark Trachuk, and Alex Gorka and Justin Dharamdial (Corporate) and Shawn Irving (Litigation).