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Aurora Cannabis secures majority CanniMed shareholder approval for takeover

Aurora Cannabis Inc. confirmed it had received acceptance from a majority of CanniMed Therapeutics Inc. shareholders for the acquisition of the company.

Aurora Cannabis had won shareholder support required for its acquisition of CanniMed Therapeutics, Bloomberg News previously reported.

A total of 17,847,341 CanniMed common shares representing about 70.66% of the company were tendered to the Vancouver, British Columbia-based marijuana distributor's offer.

Aurora will issue about 50.6 million common shares and pay a total of roughly C$98 million in cash for the CanniMed shares tendered. It also extended its offer, so CanniMed shareholders that have yet to tender their shares have until March 25 to do so.

Saskatoon, Canada-based CanniMed operates as a plant biopharmaceutical company that specializes in medical cannabis.

"Following the take up, we will immediately commence with the integration of CanniMed into the Aurora organization and start executing on realizing the strategic synergies we have identified," said Aurora CEO Terry Booth.