Canopy Growth to Acquire Hiku Brands CompanyJuly 10, 2018
Hiku Brands Company Ltd. (CSE:HIKU) and Canopy Growth Corporation (TSX:WEED) (NYSE: CGC) today announced that they have entered into a definitive agreement (the "Canopy Agreement") pursuant to which Canopy will acquire all of the outstanding shares of Hiku (the "Transaction"). Under the terms of the Agreement, Hiku shareholders will receive 0.046 of a Canopy common share in exchange for each Hiku share held.
In connection with the entering into of the Canopy Agreement, the Hiku Board determined that the Transaction constitutes a "Superior Proposal" pursuant to the arrangement agreement between Hiku and WeedMD Inc. originally announced on April 19, 2018 (the "WeedMD Agreement"). The Hiku Board provided notice of such determination to WeedMD and WeedMD waived its "right to match" the terms of the Canopy Agreement. Accordingly, the WeedMD Agreement has been terminated and Hiku paid a termination fee of $10M to WeedMD.
Wildeboer Dellelce LLP is representing Hiku in connection with the Transaction (including the termination of the WeedMD Agreement) with a team that consists of Jeff Hergott, Rob Wortzman, Michael Rennie, Rebecca Cochrane, Amir Torabi and Natalie Tershakowec (corporate/securities/mergers & acquisitions) and Katy Pitch (tax).
Hiku Brands Company Ltd.
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