Leading advisory firm ISS backs CanniMed Therapeutics acquisition of Newstrike

SASKATOON — CanniMed Therapeutics Inc. says a leading independent advisory firm has recommended its shareholders vote in favour of its proposed acquisition of Newstrike Resources Ltd., a deal that hostile suitor Aurora Cannabis Inc. wants quashed.

Institutional Shareholder Services Inc. says that acquiring Toronto-based Newstrike (TSXV:HIP) would allow Saskatoon-based CanniMed (TSX:CMED) to access the recreational cannabis market while also significantly expanding its production capacity and diversifying its geographic footprint.

The advisory firm also says that Aurora’s all-stock hostile takeover bid for CanniMed, capped at a $24 per share offer, has effectively halved the exchange ratio and CanniMed’s expected ownership stake in the combined entity.

Aurora (TSX:ACB) formally launched its hostile takeover bid for CanniMed in late November on the condition that CanniMed cancel its acquisition of Newstrike and said its offer will remain on the table until March 9.

CanniMed said earlier this month that Aurora was offering shares that were worth only half as much just two weeks before its hostile bid was announced last fall and that it is inferior to its own proposed acquisition.

CanniMed shareholders vote on the proposed acquisition of Newstrike on Jan. 19.

Just Posted

Longer wait times at Red Deer hospital’s ER due to staff shortage on weekend

“Right now we’re short staffed but it’s subsiding. It was critical Saturday evening”

Lacombe Legion Ladies Auxiliary celebrates 70 years

Community group supports local veterans and other community initiatives

Sylvan Lake Legion honours the memory of past president

A new podium at the Legion was dedicated to Steve Dills at a recent meeting

WATCH: Trekking through the foam in Red Deer

The fourth 5K Foam Fest was held at Heritage Ranch in Red Deer Saturday

WATCH: Red Deer residents protest for more equal family court treatment

Despite unfavourable weather, Matias Battauz was “stoked” to have three other people… Continue reading

WATCH: Farm Safety Day encourages Lacombe area students to stay safe

Lacombe County annual event helps keep accidents off the farm

Toronto police investigating drive-by shooting; fourth homicide in 24 hours

TORONTO — An unarmed woman was killed in a drive-by shooting in… Continue reading

Toronto Pride Parade to kick off amid tensions between LGBTQ community, police

TORONTO — Crowds of people have filled the streets of Toronto on… Continue reading

WATCH: Farm Safety Day encourages Lacombe area students to stay safe

Lacombe County annual event helps keep accidents off the farm

Lacombe Legion Ladies Auxiliary celebrates 70 years

Community group supports local veterans and other community initiatives

COC session vote approves Calgary as potential host for 2026 Olympics

Scott Hutcheson, chair of Calgary’s Olympic bid corporation — called vote a positive step forward

Man shot dead in Surrey, B.C., ID’d as hockey coach and father of two

Murder of Paul Bennett – a respected Peace Arch Hospital worker and ‘champion of sport’ – ‘not random’

Honda goal gives Japan a 2-2 draw with Senegal at World Cup

YEKATERINBURG, Russia — Senegal twice took the lead. Japan tied it up… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month