Aurora successful in offer for CanniMed shares, integration to start

Cannabis seedlings at the new Aurora Cannabis facilty in Montreal on Friday, Nov. 24, 2017. (THE CANADIAN PRESS/Ryan Remiorz)

EDMONTON, B.C. - Aurora Cannabis Inc. says it has been successful in its friendly offer for CanniMed Therapeutics Inc. and will now begin the process of combining the two companies.

The company says 70.66 per cent of CanniMed's shares have been tendered to its offer and that it will now take up and pay for them as soon as possible.

Aurora will issue about 50.6 million shares and pay about $98 million in cash for the CanniMed Shares tendered as of Thursday.

The offer for the remaining outstanding shares has also been extended by 15 days to 11:59 PT on March 25

Aurora struck a stock-and-cash deal valued at $1.1 billion to buy CanniMed in January.

The agreement ended a sometimes-bitter takeover battle between the marijuana companies.