AgraFlora Organics International Inc. said its takeover offer had gained support from Eviana Health Corp. shareholders holding more than 50% of the company's outstanding stock.
The company recently flagged its intention to send the offer directly to Eviana shareholders after failing to receive a response from the Vancouver, British Columbia-based company's board. AgraFlora presented the proposed business combination to Eviana's board in late July.
The Canadian cannabis firm planned to offer 1.694915 AgraFlora shares for every Eviana share held, valuing Eviana shares at an offer price of 50 Canadian cents apiece.
Eviana produces and sells cannabinoid products for use in consumer healthcare, pharmaceuticals, nutraceuticals, cosmeceuticals and other health and wellness sectors.