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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Aphria Inc    APH   CA03765K1049

APHRIA INC

(APH)
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Aphria rejects Green Growth's hostile takeover bid

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02/06/2019 | 06:51am EST

(Reuters) - Canadian cannabis producer Aphria Inc said on Wednesday it had rejected U.S. cannabis retailer Green Growth Brands Inc's hostile takeover bid, saying the offer significantly undervalued the company.

Green Growth, which first offered to buy Aphria in December, said last month that it would make a second all-stock takeover bid for Aphria Inc, valuing it at about C$2.35 billion ($1.76 billion).

On Wednesday, Aphria said the bid came at a time when it faces uncertainty related to executive changes and would have "negative repercussions, including delisting from the TSX and NYSE and a potential reduction in interest from strategic partners."

Aphria in January said its co-founder and Chief Executive Officer Vic Neufeld will step down. The company has been facing questions about its deals in Latin America.

In December, Green Growth offered to buy Aphria for C$2.8 billion. Aphria had rejected the offer then too, claiming it was "based on a hypothetical valuation of its own shares, with no relation to the current price."

U.S.-listed shares of the company were down 4 percent at $10.28 in premarket trading.

(Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli)

Stocks mentioned in the article
ChangeLast1st jan.
APHRIA INC -3.50% 15.15 End-of-day quote.0.00%
GREEN GROWTH BRANDS INC 1.93% 5.27 Delayed Quote.11.18%
S&P/TSX COMPOSITE INDEX -0.09% 16015.34 Delayed Quote.10.58%
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Financials (CAD)
Sales 2019 188 M
EBIT 2019 -
Net income 2019 86,0 M
Finance 2019 168 M
Yield 2019 -
P/E ratio 2019 39,41
P/E ratio 2020 29,45
EV / Sales 2019 16,9x
EV / Sales 2020 5,22x
Capitalization 3 352 M
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 16,3  CAD
Spread / Average Target 21%
EPS Revisions
Managers
NameTitle
Victor Neufeld Chief Executive Officer & Director
Jakob Ripshtein President
Irwin David Simon Independent Chairman
Cole Cacciavillani Director & Vice President-Growing Operations
Carl A. Merton Chief Financial Officer
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