Canadian Regulators Ask CanniMed to Abandon Rights Plan

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Canadian Regulators Ask CanniMed to Abandon Rights Plan Against Aurora Bid

Deposit Photos / leungchopan

Medical marijuana maker CanniMed Therapeutics Inc (CMED.TO) should withdraw a shareholder rights plan adopted to fend off a hostile bid from larger rival Aurora Cannabis Inc ABC.TO, two Canadian regulators have ruled.

The Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission also denied Aurora’s request to shorten the deposit period for the offer to 35 days from 105 days.

Alberta-based Aurora offered to buy CanniMed for C$24 per share in Nov. 24.

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