LEAMINGTON, Ont. Two independent proxy advisory firms are recommending Aphria Inc. shareholders vote in favour of the cannabis company merging with Tilray Inc.
Institutional Shareholder Services Inc. and Glass Lewis and Co., LLC said Monday that they support the deal announced in December. The deal will see Leamington, Ont.-based Aphria receive 0.8381 shares of Nanaimo-based Tilray for each Aphria common share.
The deal appears sound because it will deliver $100 million in pre-tax cost synergies, ISS said.
It was pleased that the merger will create the world s largest cannabis business based on pro-forma revenues and still leave the combined company with room to grow in Canada, the U.S. and Europe.
Proposed Aphria-Tilray merger wins support of two proxy advisory firms
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Proxy advisory firms: Aphria shareholders should vote in favour of Tilray deal
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