Green Growth Brands Plans Hostile Offer for Canada's Aphria

U.S. cannabis retailer Green Growth Brands Ltd. is planning to launch a hostile takeover bid for Aphria Inc. that values the Canadian marijuana producer at almost C$2.8 billion ($2.1 billion), Bloomberg News reported. Columbus, Ohio-based Green Growth plans to offer C$11 per share in an all-stock bid for Aphria, according to a statement Thursday. That’s a 46 percent premium over Aphria’s closing price on Monday. Aphria, one of Canada’s biggest pot producers, became an easy target after its share price almost halved in two days when short-sellers Quintessential Capital Management and Hindenburg Research alleged on Dec. 3 that the company paid inflated prices for assets held by insiders. The Leamington, Ontario-based company vigorously defended itself, saying the purchase was a transaction negotiated at arm’s length and that both companies retained professional financial advisers. Read more.