Aphria Takeover Bid Rejected

The board of directors for Leamington-based Aphria has rejected a hostile takeover bid.

The board says the bid, issued by Ohio-based Green Growth Brands Inc., undervalues the cannabis heavyweight.

In a statement Wednesday, Aphria says the board unanimously recommended the rejection after a committee reviewed the unsolicited offer.

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(Photo courtesy of @AphriaInc via Twitter)

In late January, Aphria said an independent committee of directors would review the bid and its shareholders should wait until the board made a formal recommendation.

The official offer came after Green Growth Brands said late last year that it planned to make an all-stock offer of 1.5714 GGB shares for each Aphria share.

At that time, Aphria's board said the unsolicited proposal "significantly undervalued" the company and that the acquisition would have negative repercussions, including delisting it from the Toronto Stock Exchange and New York Stock Exchange.