Our highly complementary businesses create a combined company with a leading branded product portfolio, including the most comprehensive Cannabis 2.0 product offerings for patients and consumers, along with significant synergies across our operations in Canada, Europe and the United States. Substantial Synergies: The combination of Aphria and Tilray is expected to deliver approximately C$100 million of annual pre-tax cost synergies within 24 months of the completion of the transaction. 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. People may receive compensation for some links to products and services on this website. Copyright 2023 Market Realist. By leveraging our combined strengths and capabilities, we expect to be able to meet the needs of consumers more effectively all over the world and advance patient care. The CEO replied, Leave Pity City.. Interestingly enough, based on these terms, APHA stock is trading at a discount. The combined company, which will operate as Tilray (the Company), brings together two highly complementary businesses to create the leading cannabis-focused consumer packaged goods (CPG) company with the largest global geographic footprint in the industry. Regulatory approvals expected to be required include Competition Bureau (Canada), U.S. HSR and Germany FDI. You will be redirected once the validation is complete. On Stocktwits, a user named tyler3535 has argued that Tilray would have to lose half of its value based on the merger ratio. Meanwhile, oldmaninvestor has pointed out that Aphria stock should be trading at $56.82 based on that ratio, more than twice what the stock is currently trading at. 437-343-4000, Investors Recreational marijuana sales are expected to soar if marijuana is legalized at the federal level in the U.S., a real possibility now that Democrats control the Senate. However, shares have a weak 26 . Aphria and Tilray executives will host a conference call and webcast with a supplemental presentation to discuss the strategic business combination today, December 16, 2020 at 8:30 a.m. Eastern Time. Tilray to strike US$250M deal to buy Hexo: Sources - BNN Bloomberg. Also, after the merger, Tilray has diversified operations and hopes to realize significant synergies from the merger. What happened to Aphria stock after the Tilray merger? Management opted to make the transaction for $56 million in newly issued stock rather than using any of its $408 million in cash and equivalents. Covid-19 related lockdowns have presented unique challenges across Canadian and German markets. This is some 80s arbitrageur shit going down. This actually presents an arbitrage opportunity, in which an investor can short Tilray and buy Aphria to lock in a gain. 5 Hypergrowth Stocks With 10X Potential in 2023, spending is expected to hit a hefty $55.9 billion by 2026, spending to hit $41 billion by 2025, which would represent a 21% CAGR, One Little-Known Tech Stock Could Be the Next Big Thing in 2023, NIOs New Expansion Plans: What It Means for Investors, Louis Navellier and the InvestorPlace Research Staff. Jefferies LLC is serving as financial advisor and DLA Piper LLP (US), DLA Piper (Canada) LLP and Fasken Martineau Dumoulin LLP are acting as legal counsel to Aphria. However, the company lowered the quorum requirement for the shareholder meeting and it was eventually approved overwhelmingly towards the end of April. This is why Aphrias merger with Tilray is so critical. , which was one of the first platforms for public offerings during the 1990s. Making the world smarter, happier, and richer. and The combined company had a market cap of about $8.2 billion based on Friday's closing stock . Enhanced Consumer Packaged Goods Presence and Infrastructure in the U.S. Nothing short of a trainwreck and I have been sounding the alarms since they admittedly cooked the books with the Aphria merger (see the actual admission in Michael Bowen on LinkedIn: Tilray discloses $1.2B quarterly loss, plan to buy cannabis rival Hexo for Nothing short of a trainwreck and I have been sounding the alarms since they admittedly cooked the books with the Aphria merger (see the actual admission in Michael Bowen sur LinkedIn : Tilray discloses $1.2B quarterly loss, plan to buy cannabis rival Hexo for Other risks and uncertainties not presently known to the Company or that the Company presently believe are not material could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Until Tilray's merger with Aphira, the biggest weed firm in the world was Wakefield, Massachusetts-headquartered Curaleafwhich recorded $625.6 million in revenue last year, has 101 licensed . The Agreement includes certain reciprocal customary provisions, including covenants in respect of the non-solicitation of alternative transactions, a right to match superior proposals and C$65million (US$50 million) reciprocal termination fee payable under certain circumstances. Jefferies LLC provided a fairness opinion to the Board of Directors of Aphria on December 15, 2020, stating that, as of the date of such opinion and based upon the scope of review and subject to the assumptions, limitations and qualifications stated in such opinion, the Exchange Ratio is fair, from a financial point of view, to the Aphria Shareholders. 203-682-8253 Tilray's management and advisers briefed the company's board on Feb. 21 about recent discussions with Aphria, as well as combinations with other potential merger partners or acquisition targets. All rights reserved. For more information, visit: www.Tilray.com, Investors Aphria (APHA) and Tilray (NASDAQ:TLRY) are merging.Combined, the two companies are likely to save money - the main focus of the press releases - but it will take some time until those savings . Following the completion of the Arrangement, the Combined Company will have principal offices in the United States (New York and Seattle), Canada (Toronto, Leamington and Vancouver Island), Portugal and Germany, and it willoperate under the Tilray corporate name with shares trading on NASDAQ under ticker symbol TLRY. To make the world smarter, happier, and richer. Lessons learned from Aphria-Tilray merger. Strategic Footprint and Operational Scale. While Tilray investors have kept their shares after the merger, Aphria stockholders received 0.8381 Tilray shares for each Aphria share that they held. For more information, visit: aphriainc.com. Chief Corporate Affairs Officertamara.macgregor@aphria.com There are a few things that shareholders likely aren't thrilled about with Tilray's latest purchase, which is expected to close in June. The continued use of Tilray as the Companys name evokes hard work and hope til shortened from tilling the soil and ray as in a ray of sunshine. Operating its newly gained market share and slashing redundant costs could provide some good news for shareholders next quarter and beyond, but don't count on that before it happens if you're wondering whether to buy shares or hold on to those you have. Effective on closing, the senior management team and Board of Directors of the Company were reconstituted as follows: The new Tilray logo blends both Aphria and legacy Tilrays branding into a design that reflects the new Companys growing portfolio of brands across cannabis-lifestyle and wellness product categories, including medical, adult-use, hemp foods, and beverages. Invest better with The Motley Fool. , See now:U.S. cannabis producers are now favored by Wall Street analysts, whove soured on Canadian companies. TLRY, Tilray (NASDAQ: TLRY) shareholders will vote on the all-stock merger with Aphria (NASDAQ . Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Tilray stockholders in connection with the proposed transaction will be set forth in the Tilray proxy statement for the proposed transaction when available. -1.00% -0.17% However, it looks a good buy now given the strong fundamentals of the new entity. May 3, 2021 at 8:46 am. Die Tilray (ex Aphria)-Aktie konnte zuletzt im NASDAQ Bsc-Handel zulegen und verteuerte sich um 1,6 . On Dec. 16, 2020, Aphria (APHA) and Tilray (TLRY) announced a merger that has created the worlds largest cannabis company. The Combined Company expects to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales and marketing and corporate expenses. A pioneer in cannabis research, cultivation, and distribution, Tilrays unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages. We are eager to get to work and want to thank both the Aphria and the Tilray Boards of Directors and especially Brendan Kennedy for his spirit of partnership and irrepressible belief in the art of whats possible. We will benefit enormously from his legacy and continued service on the Tilray Board.. Certain information in this news release constitutes forward-looking information or forward-looking statements (together, forward-looking statements) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Forward-looking statements involve significant known and unknown risks and uncertainties. For a more detailed discussion of risks and other factors, see the most recently filed annual information form of Aphria and the annual report filed on form 10-K of Tilray made with applicable securities regulatory authorities and available on SEDAR and EDGAR. However, it's worth noting that Aphria stockholders were the majority owners, with a 62 percent stake in the combined entity. All Rights Reserved. Any information or statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements, including, but not limited to, statements in this news release with regards to: (i) statements relating to Aphrias and Tilrays strategic business combination and the expected terms, timing and closing of the Arrangement including, receipt of required regulatory approvals, shareholder approvals, court approvals and satisfaction of other closing customary conditions; (ii) estimates of pro-forma financial information of the Combined Company, including in respect of expected revenues and production of cannabis; (iii) estimates of future costs applicable to sales; (iv) estimates of future capital expenditures; (v) estimates of future cost reductions, synergies including pre-tax synergies, savings and efficiencies; (vi) statements that the Combined Company anticipates to have scalable medical and adult-use cannabis platforms expected to strengthen the leadership position in Canada, United States and internationally; (vii) statements that the Combined Company is expected to offer a diversified and branded product offering and distribution footprint, world-class cultivation, processing and manufacturing facilities; (viii) statements in respect of operational efficiencies expected to be generated as a result of the Arrangement in the amount of more than C$100 million of pre-tax annual cost synergies; (ix) expectations of future balance sheet strength and future equity; (x) that the Combined Company is expected to unlock significant shareholder value; and (xi) statements under the heading Strategic and Financial Benefits of this news release. Cowen is serving as financial advisor and Cooley LLP and Blake, Cassels and Graydon LLP are acting as legal counsel to Tilray. However, as seen in the last election, more states are moving towards legalization. Tilray just purchased another Canadian marijuana business. Visit a quote page and your recently viewed tickers will be displayed here. Our focus now turns to execution on our highest return priorities including business integration and accelerating our global growth strategy. The bulk of . However, in the case of Aphria and Tilray, both stocks rose after the merger news. Internationally, the Combined Company will be well-positioned to pursue growth opportunities with Aphrias medical cannabis and distribution footprint in Germany, and Tilrays European Union Good Manufacturing Practices (EU-GMP) low-cost cannabis production facility in Portugal, which has export capabilities and tariff-free access to the European Union (EU) to meet increasing global demand for medical cannabis. This is an exciting day for both companies including our 2,500 employees, for the cannabis industry, and for patients and consumers around the world. Tilrays new leadership team and board of directors will provide a strong foundation for the Company to accelerate growth and capitalize on the business combinations many benefits. The company is expecting to be well-positioned to capitalize on any change in U.S. cannabis laws, said Simon. The Company expects to deliver approximately US$81 million (C$100 million) of annual pre-tax cost synergies within eighteen months and plans to achieve cost synergies in the key areas of cultivation and production, cannabis and product purchasing, sales, and marketing, and corporate expenses. Cannabis does look like a secular growth market. As part of the deal, Aphria paid a premium of 23 percent over Tilrays Dec. 15 closing price. A merger Reply TLRY_MAX . A worker smiles as she shows cannabis plants at the Tilray factory in Cantanhede, Portugal April . Other information regarding the participants in the Tilray proxy solicitation and a description of their direct and indirect interests in the proposed transaction, by security holdings or otherwise, will be contained in such proxy statement and other relevant materials to be filed with the SEC in connection with the proposed transaction. Next, the economics of the deal are more . View source version on businesswire.com: https://www.businesswire.com/news/home/20201216005519/en/, Aphria contacts: Media Tamara Macgregor First of all, the company's CEO and chairman, Irwin Simon, will remain at the helm. In 2021, legacy Aphria acquired legacy Tilray in a reverse merger and . Raphael Gross I look forward to working with Irwin and the Combined Companys management team to make our consumer products more accessible around the world.. is the author of various books on investing and technology, including Artificial Intelligence Basics, High-Profit IPO Strategies and All About Short Selling. After Tilray's ( TLRY) shareholders voted in favor of the proposed merger Aphria ( APHA) last Friday, the two cannabis companies announced today the completion of the transaction. To access the recording dial (855) 859-2056 and use the passcode 4334816. This was the case when Salesforce acquired Slack. ahead-of-print No. Tilray, for its part, has already used this business development strategy to markedly increase its market share in Canada through the 2021 merger with Aphria, and then again with its latest . There is a risk that some or all the expected benefits of the business combination may fail to materialize or may not occur within the time periods anticipated by the Company. The Combined Company is expected to have a strong, flexible balance sheet, cash balance and access to capital giving it the ability to accelerate growth and deliver attractive returns for stockholders. patricia de melo moreira/Agence France-Presse/Getty Images, J&J, Goldman and Walgreens take brunt as Tuesdays blue-chip losses intensify, Fund managers havent been this pessimistic all year: B. of A. survey, U.S. cannabis producers are now favored by Wall Street analysts, whove soured on Canadian companies, New Yorks 13% cannabis tax may be too high, since state has one of the most sophisticated black markets in U.S., expert says, Employees asked about canceled bonuses. Tilray Inc. shareholders approved the merger with Aphria Inc., creating a cannabis powerhouse that's both the largest medical marijuana company in Europe and a major player in Canada's . The merger between Aphria and Tilray was completed on May 3, 2021. Tilray (Nasdaq: TLRY) is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 15 countries spanning five continents. Finally, the new entity will be positioned nicely in the U.S. market. The combined . And it is global. Learn More. The Combined Company is considering utilizing Tilrays existing Nanaimo, British Columbia facility for Aphrias premium Broken Coast brand to increasingly meet consumer demand for its products. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. A telephone replay will be available approximately two hours after the call concludes through January 13, 2021. Many investors are now wondering what happened to Aphria and Tilray stocks after the merger. But this is certainly a sophisticated strategy. Aphria Inc. shareholders have voted in favour of the cannabis company's plan to merge with Tilray Inc. Leamington, Ont.-based Aphria did not immediately announce how many shareholders voted in . Raphael.Gross@icrinc.com, Internet Explorer presents a security risk. Kind of amazing that they can write off $1.1B in the quarter ("market cap reduction", is that the new way of saying we wrote off the terrible buys we did?) Well, I think the deal will be transformative for APHA stock and has the potential to lead to strong long-term gains. Aphria and Tilray are confident that the leadership team and proposed board of directors of the Combined Company provides a strong foundation for the Combined Company to accelerate growth. Tilray, for its part, has already used this business development strategy to markedly increase its market share in Canada through the 2021 merger with Aphria, and then again with its latest . Please enable cookies on your browser and try again. Substantial Synergies: The combination of Aphria and Tilray is expected to deliver approximately C$100 million of annual pre-tax cost synergies within 24 months of the completion of the transaction. On April 10, Tilray Brands (TLRY 1.65%) . Nothing short of a trainwreck and I have been sounding the alarms since they admittedly cooked the books with the Aphria merger (see the actual admission in the press release and call). Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. This release is being made in respect of the proposed transaction involving Aphria and Tilray pursuant to the terms of an arrangement agreement by and among Aphria and Tilray and may be deemed to be soliciting material relating to the proposed transaction. 2 2021, Published 8:51 a.m. SPX, The reverse merger with Tilray will see Aphria shareholders get 0.8381 shares of Tilray for each Aphria share they own, while owning 62% of the combined company, which on a pro forma basis had . Likewise, the stock market heavily disfavors marijuana companies and unprofitable companies at the moment, and Tilray falls into both of those buckets. Tilray shares gained 1.61 per cent to $17.69 at 11:44 a.m. The webcast will be archived for 30 days. Forward-looking statements involve significant known and unknown risks and uncertainties. Certain information in this communication constitutes forward-looking information or forward-looking statements (together, forward-looking statements) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. The required two-thirds majority of Aphria shareholders backed a motion to approve the deal at a virtual meeting on Wednesday. In the event of federal permissibility, the Company expects to be well-positioned to compete in the U.S. cannabis market given its existing strong brands and distribution system in addition to its track record of growth in consumer-packaged goods and cannabis products. www.cannabisbusinesstimes.com is using a security service for protection against online attacks. Aphria has stopped trading and all Aphria shares are now converted to Tilray shares. After Aphria and Tilray merge, the combined entity will be called Tilray and the shares will continue to trade on Nasdaq under the ticker TLRY. Mar. There is a risk that some or all the expected benefits of the Arrangement may fail to materialize or may not occur within the time periods anticipated by Aphria and Tilray. Tilray shareholder." Michael A. Gayed, CFA on Instagram: "Aphria shareholders overwhelmingly voted in support of a merger with Tilray. Many factors could cause actual results, performance or achievement to be materially different from any future forward-looking statements. Aphria Inc. of Leamington, Ont., and Nanaimo, B.C.-based Tilray Inc. announced early Wednesday they are merging in an all-stock deal that will create the world's top pot producer based on sales. The company will receive 0.8381 shares of Tilray and get about 62% of the ownership of the new entity. The Companys class 2 common stock (Tilray Shares) will continue to trade on the Nasdaq Global Select Exchange under the ticker symbol TLRY and will commence trading on the Toronto Stock Exchange under the ticker symbol TLRY on May 5, 2021. He is also the founder ofWebIPO, which was one of the first platforms for public offerings during the 1990s. Exactly one week later, Aphria's . The combination is expected to unlock significant shareholder value. Aphria will also have seven directors and Tilray will have two. Aphrias CC Pharma division is a leading importer and distributor in Germany. The all-stock deal, which puts together two of the market's best known . Creates the Leading Canadian Adult-Use Cannabis Licensed Producer: Together, Aphria and Tilray will be the leading adult-use cannabis Canadian Licensed Producer based on revenue for the last twelve months by combining their respective brands, distribution networks and world-class facilities. Tilray and Aphria Close Merger. Your support ID is: 3409538128455382982. Marijuana Stocks: Aphria Dips, Tilray Leaps. Cowen provided a fairness opinion dated December 15, 2020 to the board of directors of Tilray stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the Exchange Ratio is fair, from a financial point of view, to Tilray. Approval of a majority of the votes cast by Tilray stockholders will be required to, among other things contemplated by the Agreement, authorize the issuance of Tilray shares to Aphria shareholders pursuant to the Arrangement. In connection with the proposed transaction, Aphria will file a management information circular, and Tilray will file a proxy statement on Schedule 14A containing important information about the proposed transaction and related matters. This represents a 17% compound annual growth rate. The challenge of coordinating previously independent businesses makes evaluating the business and future financial prospects of the Company following the business combination difficult. Tilray Inc. is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better one person at a time by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Article printed from InvestorPlace Media, https://investorplace.com/2021/03/why-the-aphria-tilray-merger-will-be-a-winner-apha-stock/. Tilary issued a press release on Monday urging shareholders to vote for the tie-up with Aphria. But the opportunity in the U.S. could easily boost these numbers. The trouble is, when it announced in late 2020 its planned merger with Aphria, another major Canadian cannabis business, the pair controlled a total of . Initial returns from the start imply a 20%+ gap opportunity. Tilray shareholders voted in favor of the deal on Friday. Published by NCV Newswire. With a strong financial profile, low-cost production, leading brands, distribution network and unique partnerships, we believe the Combined Company will be well-positioned to deliver sustainable, attractive returns for stockholders. The merger had got delayed due to the delay in approval from Tilray shareholders. As for Tilray, it has a strong business in Portugal. Aphria shareholders received 0.8381 of a Tilray share for each Aphria common share owned. Tilray shares Analyst Report: Tilray Brands, Inc.Tilray is a Canadian producer that cultivates and sells medical and recreational cannabis. The service requires full cookie support in order to view this website. Positioned to Pursue an Accelerated International Growth Strategy. Having a cost advantage is extremely important especially as markets get saturated. Tilrays London, Ontario facility will also provide Aphria with excess capacity to increase production of additional form factors including their branded edibles and beverages. With the Biden administration in the White House, the prospects look more encouraging for fewer regulations on the cannabis industry. The companies are . On April 10, Tilray Brands (TLRY -0.20%) advanced the consolidation of the marijuana industry one step further when it announced that it was acquiring Hexo, an underperforming Canadian cannabis operator. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Irwin D. Simon, Chairman and Chief Executive Officer, Denise Faltischek, Head of International and Chief Strategy Officer, Jared Simon, President, Manitoba Harvest and Tilray Wellness, Rita Seguin, Chief Human Resources Officer, Dara Redler, Interim Chief Legal Officer and Corporate Secretary, Berrin Noorata, Chief Corporate Affairs Officer, Lloyd Brathwaite, Chief Information Officer, Freddy Bensch, Chief Executive Officer, SweetWater, Renah Persofsky, ICD.D, Vice-Chair (Lead Director) and Chair of the Nominating and Governance Committee, Independent Director, Jodi Butts, Nominating & Governance Committee Member, Independent Director, David Clanachan, Newly Appointed Independent Director, John M. Herhalt Chair of the Audit Committee, Independent Director, David Hopkinson, Nominating and Governance Committee & Compensation Committee Member, Independent Director, Brendan Kennedy, Current Director and Former CEO, Tilray, Tom Looney, Audit Committee & Compensation Committee Member, Independent Director, Walter Robb, Chair of the Compensation Committee & Audit Committee Member, Independent Director. Happened to Aphria stock after the call concludes through January 13, 2021 strong gains. More from the merger ratio factory in Cantanhede, Portugal April U.S. could easily boost these.! Tilrays Dec. 15 closing price Leave Pity City.. Interestingly enough, based on the all-stock deal, which together... Would have to lose half of its value based on Friday & # x27 ; s closing.... 10, Tilray ( ex Aphria ) -Aktie konnte zuletzt im NASDAQ Bsc-Handel zulegen und verteuerte sich um.... Producer that cultivates and sells medical and recreational cannabis 23 percent over Tilrays Dec. 15 price. 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