On May 2, 2018, Aurora Cannabis (TSX:ACB) (OTCQB:ACBFF) (Frankfurt: 21P; WKN:A1C4WM) completed its $1.23 billion (US$950 million) takeover bid for all of the outstanding shares CanniMed Therapeutics Inc. (TSX: CMED). This transaction represents the largest to date (completed) acquisition for the Canadian cannabis sector.
In addition to product synergies and broader product portfolio, the combination also provides for expanded geographies.
The CanniMed Shares were acquired for consideration of approximately 72.7 million Aurora shares and $140 million in cash.
The CanniMed Shares were de-listed from the Toronto Stock Exchange at the close of business on May 1, 2018.
McMillan LLP acted as counsel to Aurora Cannabis with a team led by Desmond Balakrishnan and comprising Cory Kent, Leo Raffin, Paul Davis, Ravipal Bains, Leila Rafi and Kosta Kostic (capital markets and M&A), Herb Ono (US Securities), Geoff Moysa, Brett Harrison and Charlotte Conlin (litigation), Peter Botz (tax), Francois Tougas and Ryan Gallagher (competition), with assistance from Dorsey & Whitney LLP (US tax and securities).
Borden Ladner Gervais LLP acted as counsel to CanniMed Therapeutics with a team led by Philippe Tardif and comprising Jason Saltzman, Andrew Powers, Mark Wheeler, Colin Cameron-Vendrig, Pierre Permingeat, Joseph Di Ponio, Rocky Swanson (capital markets and M&A), Denes Rothschild (competition), Danny Lang (tax), Jim Douglas, Cait Sainsbury, Graham Splawski and Ashley Thomassen (litigation), with assistance from Dickinson Wright LLP (US corporate and securities).
Stikeman Elliott LLP acted as counsel to the special committee of the board of directors of CanniMed Therapeutics with a team led by Donald Belovich and comprising Simon Romano, Mihkel Voore, Ryan Kirvan, Logan Copen, David Tardif, Victor MacDiarmid, Spencer Burger, Peter Buckles (M&A and securities), Peter Howard, Samaneh Hosseini, Sinziana Hennig, Zev Smith (litigation), Michael Kilby (competition) and Dean Kraus (tax).