Green Growth Brands Files to Accelerate Expiration of Aphria Bid

步伐加速,CGC宣布将于4月25日对 Aphria 进行正式要约收购

2019-04-16 07:53:02 Investing News Network

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标签: 医药/器械
Green Growth Brands Inc. today announced that it has reached an agreement with Aphria Inc. to shorten the expiry time for acceptance of its formal offer to acquire all of the issued and outstanding common shares of Aphria from 5:00 p.m.  on May 9, 2019 to 5:00 p.m.  on April 25, 2019 . Green Growth Brands Inc. (CSE:GGB) (“Green Growth” or the “Company”) today announced that it has reached an agreement with Aphria Inc. (“Aphria”) to shorten the expiry time for acceptance of its formal offer (the “Offer”) to acquire all of the issued and outstanding common shares (the “Aphria Shares”) of Aphria (TSX: APHA and NYSE: APHA) from 5:00 p.m. (Toronto time) on May 9, 2019 to 5:00 p.m. (Toronto time) on April 25, 2019 (the “Expiry Time”). The Company has also agreed to repurchase 27,300,000 of its common shares held by GA Opportunities Corp. (“GAOC”) for aggregate consideration of C$89 million, or a significantly discounted price of approximately C$3.26 per share (the “Repurchase”).  The aggregate consideration will be paid through a combination of cash and a secured promissory note (the “Note”) payable in 6 months from the closing of the Repurchase.  Green Growth has granted a security interest to GAOC to secure its obligations under the agreement relating to the Repurchase and the Note.  GAOC will continue to hold 200,000 Green Growth shares following completion of the Repurchase, which shares will be subject to a 12 month lock-up agreement on customary terms with 16,666 shares released per month.  As GAOC will hold less than 5% of the issued and outstanding Green Growth common shares on closing of the Repurchase (on a non-diluted basis), it will no longer have rights under the Nomination Rights Agreement with the Company. The Company’s Repurchase of its common shares will allow for the elimination of the second largest block of its outstanding shares at a price that is significantly below the market price. ‘We are pleased to be buying back 27,300,000 shares owned by GA Opportunities significantly below the market price and the expected sale of our toehold position of 3 million shares of Aphria, all of which will benefit our shareholders,” said Peter Horvath, CEO of Green Growth Brands.  “We are bringing our offer to an end on good terms with Aphria and are excited to turn our focus to our CBD personal care and retail cannabis businesses. We are actively continuing to review other partnerships and M&A opportunities to accelerate the build out of our company.” The Company is entitled to shorten the time period for acceptance of the Offer as Aphria today issued a deposit period news release (within the meaning of National Instrument 62-104 – Take-Over Bids and Issuer Bids (NI 62-104)) stating “Aphria has agreed to reduce the initial deposit period of the bid to 92 days from January 23, 2019”.  In connection with the acceleration of the Offer, Aphria and the Company have also agreed to a mutual 12 month standstill period and have agreed to enter into discussions involving a potential commercial arrangement between the parties.  All other terms and conditions of the Offer remain unchanged. A Notice of Variation with respect to the Offer will be filed with the Canadian securities regulators, will be mailed to holders of Aphria Shares and will be available for review on SEDAR at www.sedar.com.  The Notice of Variation should be read in conjunction with the original offer to purchase and circular, dated January 22, 2019 (the “Offer to Purchase and Circular”) and the other documents accompanying the Offer to Purchase and Circular. Both Green Growth and Aphria have determined that the accelerated expiry of the Offer is, in lieu of proceeding with the Offer for an extended period of time, in their respective best interests. Both Green Growth and Aphria agree that the proposed transaction, as described in more detail in the Notice of Variation, is superior to the Offer.  If the Offer is successful, then the proposed transaction among Green Growth, Aphria and GAOC will terminate and not be completed. Relief was granted to Green Growth on April 12, 2019 by the Ontario Securities Commission (the “Relief”) from certain formal requirements relating to issuer bids in connection with completing the Repurchase. The Repurchase is expected to occur in early May after the expiry of the Offer and is conditional on the satisfaction of the terms of the Relief, including that the price at which the Repurchase is completed is not greater than the market price of the common shares (calculated in accordance with NI 62-104).  The Company has obtained written consents for the Repurchase from shareholders holding, in the aggregate, a majority of the outstanding voting shares of the Company, other than voting shares held by interested parties, related parties of interested parties and their joint actors. The Board of Directors of the Company has received an opinion from the Company’s financial advisor that the Repurchase is fair, from a financial point of view, to the Company’s shareholders (other than GAOC). Based on the closing price of $3.86 per Green Growth Share on the CSE as of April 12, 2019, the last trading day prior to the date of the Notice of Variation, the implied Offer Consideration would be $6.07 per Aphria Share (being a 54.8% discount to the Aphria Shares’ closing price of $13.41 on the Toronto Stock Exchange on April 12, 2019). Advisors Legal counsel to Green Growth was Norton Rose Fulbright Canada LLP and Canaccord Genuity Corp. was financial advisor for the Offer. Kingsdale Advisors was Green Growth’s strategic shareholder and communications advisor and depositary. Cautionary Statement in Forward-Looking Information This press release contains certain statements and information which constitute forward-looking statements or “forward-looking information” within the meaning of applicable securities laws, including “future-oriented financial information” with respect to prospective financial performance, financial position, cash flows and other financial metrics that are presented either as a forecast or a projection. Wherever possible, forward-looking information can be identified by the expressions “seeks”, “expects”, “intends”, “believes”, “estimates”, “will”, “plans”, “may”, “anticipates,” “target” and similar expressions (or the negative of such expressions). The forward-looking statements or forward-looking information are not historical facts, but reflect the current expectations of Green Growth regarding future results or events and are based on information currently available to it. The forward-looking events and circumstances discussed in this release include, but are not limited to, (i) the expiry of the Offer; (ii) the completion of the Repurchase; and (iii) the entering into of a commercial arrangement with Aphria. All material assumptions used in making forward-looking statements are based on Green Growth’s knowledge of its business and the business of Aphria, and, in some cases, information supplied by third parties, including the public disclosure made by the Company. Certain material factors or assumptions include, but are not limited to, (i) the current business conditions and expectations of future business conditions and trends affecting Green Growth and Aphria, including the U.S. and Canadian economies, the cannabis industry in Canada, the United States and elsewhere, and capital markets, and (ii) that there have been no material changes in the business, affairs, capital, prospects or assets of the Company, except as publicly disclosed by the Company before the date hereof. All forward-looking statements and forward-looking information in this press release are qualified by these cautionary statements. Green Growth believes that the expectations reflected in forward-looking statements and forward-looking information are based upon reasonable assumptions; however, Green Growth can give no assurance that the actual results or developments will be realized by certain specified dates or at all. Forward-looking statements and forward-looking information are subject to a number of risks and uncertainties that could cause actual results or events to vary materially from current expectations. In addition to risks noted elsewhere in this news release, material risks include, but are not limited to, (i) the risk that the proposed transaction involving Aphria and GAOC will not have the anticipated effect on Green Growth or its business or will not be consummated for any reason; (ii) the risk that the conditions to the Offer will not be met, or met on a timely basis, or that the transaction will not be consummated for any other reason, (iii) changes in general economic conditions in Canada, the United States and elsewhere, (iv) changes in operating conditions (including changes in the regulatory environment) affecting the cannabis industry, and (v) fluctuations in currency and interest rates, availability materials and personnel.  Readers, therefore, should not place undue reliance on any such forward-looking information. Further, forward-looking statements and forward-looking information speaks only as of the date hereof. Green Growth disclaims any intention and assumes no obligation to update or revise any forward-looking statements or forward-looking information, even if new information becomes available, as a result of future events or for any other reason, except to the extent required by applicable securities laws. Notice to U.S. Holders Aphria Shares Green Growth has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form F-10 (the “Registration Statement”) under the United States Securities Act of 1933, as amended (together with the rules and regulations promulgated thereunder, the “U.S. Securities Act”) pursuant to the multi-jurisdictional disclosure system adopted by the United States, a Tender Offer Statement on Schedule 14D-1F (the “Tender Offer Statement”) under the United States Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “U.S. Exchange Act”), this Notice of Variation and other documents and information. Green Growth URGES INVESTORS AND APHRIA SHAREHOLDERS TO READ THE REGISTRATION STATEMENT, THE TENDER OFFER STATEMENT, THE ORIGINAL OFFER TO PURCHASE AND CIRCULAR, THIS NOTICE OF VARIATION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE OFFER AND SALE OF GREEN GROWTH SHARES AS THOSE DOCUMENTS BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and Aphria Shareholders will be able to obtain the documents free of charge at the SEC’s website, www.sec.gov. In addition, documents filed with the SEC by Green Growth will be available free of charge from Green Growth. You should direct requests for documents to Kingsdale, 130 King St West, Suite 2950, Toronto, ON M5X 1K6, Toronto, North American Toll Free Phone: 1-866-851-3214, outside North America Phone: 416-867-2272. To obtain timely delivery, such documents should be requested no later than five (5) business days before the Expiry Time. Green Growth is a foreign private issuer and permitted to prepare the offer to purchase and takeover bid circular and related documents in accordance with Canadian disclosure requirements, which are different from those of the United States. Green Growth prepares its financial statements in accordance with International Financial Reporting Standards applicable to Canadian public companies formulated by the International Accounting Standards Board, and they may be subject to Canadian auditing and auditor independence standards. These financial statements may not be comparable to the financial statements of United States companies. Shareholders of Aphria should be aware that the disposition of their Aphria Shares and the acquisition of the Company’s shares may subject them to tax consequences both in the United States and in Canada. The Offer to Purchase and Circular may not describe these tax consequences fully. Aphria shareholders should read any tax discussion in the Offer to Purchase and Circular, and are also urged to consult their tax advisors. The enforcement by Aphria Shareholders of civil liabilities under U.S. federal securities laws may be affected adversely by the fact that Green Growth was amalgamated under the Laws of Ontario, and Aphria was amalgamated under the Laws of Ontario, that some or all of their respective officers and directors may be residents of a foreign country, that some or all of the experts named herein may be residents of a foreign country and that all or a substantial portion of the assets of Green Growth and Aphria and said persons may be located outside the United States. Aphria Shareholders may not be able to sue Green Growth or Aphria or their officers or directors in a foreign court for violations of U.S. securities laws. It may be difficult to compel Green Growth or Aphria or their respective affiliates to subject themselves to the jurisdiction of a court in the United States or to enforce a judgment obtained from a court of the United States. NEITHER THE SEC NOR ANY STATE SECURITIES REGULATOR HAS OR WILL HAVE APPROVED OR DISAPPROVED GREEN GROWTH’S SHARES OFFERED IN THE OFFERING DOCUMENTS, OR HAS OR WILL HAVE DETERMINED IF ANY OFFERING DOCUMENTS ARE TRUTHFUL OR COMPLETE. ANY  REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. GREEN GROWTH’S SHARES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED FOR OFFER AND SALE IN CERTAIN U.S. STATES WHERE HOLDERS OF APHRIA SHARES RESIDE AND NO SUCH OFFER TO SELL OR SALE, OR SOLICITATION OF AN OFFER TO BUY MAY BE MADE IN SUCH U.S. STATES. Aphria shareholders should be aware that, during the period of the Offer, Green Growth or its affiliates, directly or indirectly, may bid for or make purchases of the securities to be distributed or to be exchanged, or certain related securities, as permitted by applicable laws or regulations of Canada or its provinces or territories. Click here to connect with Green Growth Brands (CSE:GGB) for an Investor Presentation.
Green Growth Brands Inc .今日宣布,已与 Aphria Inc .达成协议,将其正式要约收购 Aphria 全部已发行及已发行普通股的期限从2019年5月9日下午5时缩短至2019年4月25日下午5时。 绿色增长品牌公司( CSE : GGB )(“绿色增长”或“公司”)今日宣布,已与 Aphria Inc .(“ Aphria ”)达成协议,缩短接受其正式要约(“要约”)的截止时间,以从5月9日下午5时(多伦多时间)起收购 Aphria ( TSX : APHA 和 NYSE : APHA )所有已发行和已发行普通股(“ Aphria 股份”)。2019年4月25日至下午5:00(多伦多时间)(“到期时间”)。 公司还同意回购 GA Opportunities Corp .(“ GAOC ”)持有的27,300,000股普通股,总对价为8,900万加元,或每股约3.26加元的大幅折扣价格(“回购”)。总代价将透过现金及于购回结束后6个月内应付之有抵押承兑票据(「票据」)之组合支付。绿色增长已授予 GAOC 担保权益,以确保其在回购协议和票据项下的义务。在回购完成后, GAOC 将继续持有200,000股绿色增长股份,这些股份将根据惯例以每月16,666股的价格解除12个月的锁定协议。由于 GAOC 将于回购结束时(按未摊薄基准计算)持有少于已发行及未发行绿色增长普通股5%的股份,故根据与本公司签订的提名权利协议, GAOC 将不再拥有权利。 本公司购回其普通股将可使其第二大块已发行股份以远低于市价的价格注销。 “我们很高兴回购 GA Opportunities 所持27,300,000股股票,大大低于市场价格,并有望出售我们持有的 Aphria 300万股股票,所有这些都将有利于我们的股东,”绿色增长品牌首席执行官彼得•霍瓦思( Peter Horvath )表示。“我们正以良好的条件终止与 Aphria 的合作,并很高兴将我们的重点转向 CBD 个人护理和零售大麻业务。我们正在积极地继续审查其他合作伙伴关系和并购机会,以加快我们公司的建设。” 本公司有权缩短接受要约的时间,因为 Aphria 今日发布了存管期新闻稿(在国家仪器62-104-接收投标和发行人投标( NI 62-104)的含义范围内),声明“ Aphria 同意将投标的初始存管期从2019年1月23日减少至92天”。就加速要约而言, Aphria 及本公司亦已同意相互暂停12个月,并已同意就双方可能达成的商业安排进行讨论。要约的所有其他条款及条件维持不变。 将向加拿大证券监管机构提交一份关于要约的变更通知,将邮寄给 Aphria 股份的持有人,并可在 SEDAR 上查阅:\160; www.carter.com 查阅。变更通知应与1月22日的原始购买要约和通知一起阅读。2019年度(“要约收购及通函”)及要约收购随附的其他文件及通函。 Green Growth 和 Aphria 均已确定,要约的加速到期是为了各自的最佳利益,而不是在较长时间内继续进行要约。Green Growth 和 Aphria 均同意,变更通知中详细描述的拟议交易优于要约。如果要约成功,则绿色增长、 Aphria 和 GAOC 之间的拟议交易将终止,且不会完成。 安大略证券委员会(以下简称“救济”)于2019年4月12日向绿色增长授予了救济,使其免受与完成回购相关的发行人投标相关的某些正式要求。预期购回将于要约届满后五月初进行,并须待达成免责条款后,方可作实,包括购回完成时的价格不会高于普通股的市价(根据 NI 62-104计算)。本公司已取得持有本公司已发行在外有表决权股份(不包括利害关系方持有的有表决权股份、利害关系方关联方及其共同行动人持有的有表决权股份)的股东的书面同意回购股份。 本公司董事会已收到本公司财务顾问的意见,认为从财务角度看,回购对本公司股东(除 GAOC 外)是公平的。 根据截至2019年4月12日(变更通知日期前最后一个交易日) CSE 的每股绿色增长股份3.86美元的收盘价计算,隐含的要约对价为每股 Aphria 股份6.07美元(较 Aphria 股份于2019年4月12日在多伦多证券交易所的13.41美元收盘价折让54.8%)。 顾问公司 Green Growth 的法律顾问是 Norton Rose Fulbright Canada LLP , Canaccord Genuity Corp .是此次收购的财务顾问。Kingsdale Advisors 是 Green Growth 的战略股东、通信顾问和保管人。 前瞻性资料中的谨慎声明 本新闻稿包含某些声明和信息,这些声明和信息构成适用证券法含义内的前瞻性声明或“前瞻性信息”,包括有关预期财务业绩、财务状况的“面向未来财务信息”。以预测或预测形式列报的现金流量和其他财务指标。在可能的情况下,前瞻性信息可以通过“寻求”、“预期”、“打算”、“相信”、“估计”、“将”、“计划”、“可能”、“预期”、“目标”和类似表达(或这些表达的否定)来识别。前瞻性声明或前瞻性信息并非历史事实,而是反映了当前对绿色增长对未来结果或事件的预期,并基于当前可获得的信息。本新闻稿所讨论的前瞻性事件及情况包括但不限于:( i )要约届满;( ii )回购事项完成;及( iii )与 Aphria 订立商业安排。作出前瞻性陈述时所使用的所有重大假设均基于 Green Growth 对其业务和 Aphria 业务的了解,以及在某些情况下第三方提供的信息,包括公司公开披露的信息。某些实质性因素或假设包括但不限于:( i )目前的商业条件和对未来影响绿色增长和 Aphria 的商业条件和趋势的预期,包括美国和加拿大经济、加拿大、美国和其他地方的大麻产业以及资本市场,及( ii )除本公司于本公告日期前公开披露外,本公司之业务、事务、资本、前景或资产并无重大变动。本新闻稿中的所有前瞻性声明和前瞻性信息都符合这些警告声明的要求。绿色增长认为,前瞻性陈述和前瞻性信息中反映的预期是基于合理的假设;但是,绿色增长不能保证在特定日期或任何时候实现实际结果或发展。前瞻性陈述和前瞻性信息存在若干风险和不确定性,可能导致实际结果或事件与当前预期存在重大差异。除本新闻稿其他部分所述风险外,重大风险包括但不限于( i )涉及 Aphria 及 GAOC 的拟议交易不会对绿色增长或其业务产生预期影响或因任何原因不会完成的风险;( ii )不符合要约条件的风险;或及时满足,或因任何其他原因不能完成交易;( iii )加拿大、美国和其他地方的一般经济状况变化;( iv )影响大麻产业的经营状况变化(包括监管环境变化);( v )货币和利率波动;可用材料和人员。因此,读者不应过分依赖任何此类前瞻性信息。此外,前瞻性陈述和前瞻性信息仅说明截至本协议签署之日。绿色增长否认任何意图,并承担更新或修改任何前瞻性声明或前瞻性信息的义务,即使由于未来事件或任何其他原因可以获得新信息,但适用证券法要求的范围除外。 通知美国持有 Aphria 股份 绿色增长已向证券交易委员会(“ SEC ”)提交了一份 F-10表格的注册声明(“注册声明”),该表格是根据1933年美国证券法(连同据此颁布的规则和法规)修订的。根据美国采用的多管辖披露制度,《美国证券法》根据经修订的《1934年美国证券交易法》(连同据此颁布的规则和法规、《美国交易法》)、本《变更通知》及其他文件和信息,发布了一份关于附录14D-1F 的要约收购声明(“要约收购声明”)。绿色增长 URGES 投资者及 APHRIA 股东阅读登记声明、要约收购声明、购买及交付要约的原始要约、本变动通知及任何其他与本次要约收购及出售 GREEN GREEN GREEN GREEN 股票有关的或将提交给 SEC 的其他相关文件,作为本协议的有效文件,正如对上述文件的任何修改或补充一样,由于这些文件包含或将包含重要信息。投资者和 Aphria 股东将能够在 SEC 网站 www.sec.gov 上免费获取这些文件。此外,由绿色增长提交给 SEC 的文件将免费从绿色增长。您应该直接向金士代尔,130 King St West , Suite 2950,多伦多, M5X 1K6,多伦多,北美免费电话:1-866-851-3214,外部北美电话:416-867-2272。为了及时交付,此类文件应在到期前五(5)个工作日内提交。 Green Growth 是一家外国私人发行人,获准根据加拿大的披露要求编制收购和收购要约通告及相关文件,这与美国不同。Green Growth 根据国际会计准则理事会制定的适用于加拿大上市公司的国际财务报告准则编制财务报表,并可能遵循加拿大审计和审计师独立性标准。这些财务报表可能与美国公司的财务报表不具有可比性。 Aphria 的股东应了解,其 Aphria 股份的处置和本公司股份的收购可能会在美国和加拿大产生税务后果。购买要约和通知不能完全描述这些税务后果。Aphria 股东应阅读购买要约和通知中的任何税务讨论,并敦促咨询其税务顾问。 Aphria 股东根据美国联邦证券法对民事责任的强制执行可能受到以下不利影响:根据安大略法律合并了绿色增长,并且 Aphria 根据安大略法律合并,其部分或全部官员和董事可能是外国居民,此处指定的一些或全部专家可能是外国居民,且绿色增长和 Aphria 的全部或大部分资产可能位于美国境外。Aphria 股东可能因违反美国证券法而无法在外国法院起诉 Green Growth 或 Aphria 或其管理人员或董事。可能难以强迫绿色增长或 Aphria 或其各自的附属公司接受美国法院的管辖或执行从美国法院获得的判决。 美国证券交易委员会没有发现任何美国证券监管机构已经或将会批准或不批准 GREEN GREEN GREEN 股票在发售文件中发售,或者已经或将会在任何发售文件是经过核准或比较的情况下确定。对合同的任何陈述都是一种严重的后果。 GREEN GREEN Growth 的股份并未登记或以其他方式有资格在 APHRIA 股票持有者居住的美国州内进行发售和出售,且在美国各州内不可能进行发售或出售任何此类发售。 Aphria 股东应了解,在要约期间, Green Growth 或其关联公司可直接或间接投标或购买拟发行或将交换的证券,或某些相关证券,如加拿大或其省或地区的适用法律或法规允许。 单击此处以连接绿色增长品牌( CSE : GGB )以获得投资者演示文稿。