AgraFlora Organics International Inc. said it will not proceed with its potential takeover offer of Vancouver, British Columbia-based cannabis company Eviana Health Corp.
Canada-based AgraFlora said the decision was made due to increased regulatory and operational uncertainty and because Eviana continued divesting its core assets.
On July 26, AgraFlora presented a proposed business combination to Eviana's board but did not get a response, after which it announced plans of a takeover bid directly to Eviana's shareholders in mid-August.
Agraflora planned to offer 1.694915 AgraFlora shares for every Eviana share held, valuing Eviana shares at an offer price of 50 Canadian cents apiece.
