Aurora Cannabis Inc. (TSX: ACB) says it has increased its stake in competitor CanniMed Therapeutics Inc. (TSX:CMED) by buying 91,800 common shares, taking its total to 657,800 or about 2.7 per cent of the outstanding share pool.
Edmonton-based Aurora says its purchases were made in connection with its offer in November to purchase all of the common shares of CanniMed, a takeover that has been aggressively resisted by the target company.
READ MORE: CanniMed says hostile takeover bid by Aurora weighing on share value
It says the highest price paid for CanniMed shares on Thursday was $23.99 and it has paid an average price of $22.98 per share in the three purchases of its campaign starting last Friday.
Get weekly money news
Aurora has said it’s allowed to buy up to about five per cent of the Saskatoon-headquartered CanniMed’s stock on the open market.
READ MORE: Aurora Cannabis purchases 116K common shares of CanniMed Therapeutics
On Wednesday, CanniMed urged shareholders not to sell, arguing Aurora’s hostile proposed all-stock deal has had a detrimental effect on its share price.
- IBC estimates $230M in insured damage claimed from Edmonton storms
- Alberta First Nation sues Ottawa over $5 treaty annuity, argues amount stuck in 1899
- Jobs hang in the balance as Ekati diamond mine in N.W.T. closing early
- WestJet flight attendants hold information pickets as strike vote takes place
Watch below: On Nov. 23, 2017, David Boushy filed this report about Aurora Cannabis, a medical marijuana company, expanding with a new grow facility at the Edmonton International Airport.
Comments
Want to discuss? Please read our Commenting Policy first.