Tilray, Aphria Close Merger, Create The 'New' Tirlay

Tilray, Inc. (NASDAQ: TLRY) and Aphria, Inc. (NASDAQ: APHA) have merged after months of negotiations, creating a company with a combined market cap of $3.3 billion.

The two Canadian giants had been in talks since December with Aphria’s current CEO Irwin Simon to create a new enterprise.  

In April, Aphria shareholders finally voted in favor of the merger. Tilray shareholders followed suit and approved the transaction on Friday.

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.

  • The resulting company, which is expected to generate roughly $81 million in annual pre-tax cost synergies within the next eighteen months, kept the Tilray name and will continue to trade on Nasdaq Global Select Exchange under the ticker symbol TLRY.

The company is also poised to debut on the Toronto Stock Exchange under the ticker symbol “TLRY” on Wednesday, May 5.

Why It Matters: The …

Full story available on Benzinga.com

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