May 3, 2021 at 8:46 am Published by NCV Newswire
Tilray & Aphria Announce Closing of Transaction That Creates the “New” Tilray – a Global Cannabis Leader
Operational Efficiencies Expected to Generate Approximately US$81 Million Annual Pre-Tax Cost-Saving Synergies for New Tilray Within Eighteen Months
Irwin D. Simon, Aphria’s Chairman and CEO, will Lead the New Tilray and Has Appointed New Executive Leadership Team; New Members of the Board of Directors Also Appointed
New Tilray Poised to Transform the Global Cannabis Industry as a Consumer Packaged Goods Powerhouse with a Diversified Portfolio of Leading Brands
Renewed Financial Strength to Drive Accelerated Growth Strategy and Sustained Profitability
Tilray, Inc. (NASDAQ: TLRY) and
Aphria, Inc. (NASDAQ:APHA) have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion.
The two Canadian cannabis giants had been in talks since December with Aphria’s current CEO Irwin Simon to create a new enterprise.
In April, Aphria shareholders finally voted in favor of the merger. Tilray shareholders followed suit and approved the transaction on Friday.
The Merger Deal: Under the deal, each Aphria shareholder received 0.8381 of a Tilray share for each Aphria common share held on April 30.
The resulting company, which is expected to generate roughly $81 million in annual pre-tax cost synergies within the next eighteen months, kept the Tilray name and will continue to trade on Nasdaq Global Select Exchange under the ticker symbol TLRY.
Tilray, Inc. (NASDAQ: TLRY) and
Aphria, Inc. (NASDAQ:APHA) have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion.
The two Canadian cannabis giants had been in talks since December with Aphria’s current CEO Irwin Simon to create a new enterprise.
In April, Aphria shareholders finally voted in favor of the merger. Tilray shareholders followed suit and approved the transaction on Friday.
The Merger Deal: Under the deal, each Aphria shareholder received 0.8381 of a Tilray share for each Aphria common share held on April 30.
The resulting company, which is expected to generate roughly $81 million in annual pre-tax cost synergies within the next eighteen months, kept the Tilray name and will continue to trade on Nasdaq Global Select Exchange under the ticker symbol TLRY.