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As we start off 2018, let’s have a quick update on the Aurora Cannabis Inc (TSX:ACB) hostile takeover offer of CannImed Therapeutics Inc (TSX:CMED) complete with information sent to shareholders that included the full page you see to the right. Our detailed case study month remains current and relevant.
The relevant update is that regulators have asked CannImed to abandon its shareholder rights plan (otherwise known as a poison pill) and also dismissed CMED’s assertion that the takeover bid fell under the rules governing “insider bids”. Further, “Any securities issued by CanniMed Therapeutics Inc. (TSX:CMED) as a defence against a hostile takeover by Aurora Cannabis Inc. (TSX:ACB) will be cease-traded, the Ontario Securities Commission announced Wednesday.” Subsequent to that ruling, ACB commenced purchasing shares of CMED on the open market.