Aphria Inc. amended the merger agreement with Canadian medical cannabis producer Nuuvera Inc. to reduce the cash consideration.
The consideration was reduced to 60 Canadian cents in cash plus 0.3546 of an Aphria share for each Nuuvera Share, from C$1.00 in cash plus 0.3546 of an Aphria share.
The Canadian medical cannabis company said it secured the consent of shareholders who signed irrevocable hard lockups for the deal. The shareholders represent 65% of the currently outstanding Nuuvera shares. This proportion is higher than the 57% of the requisite minority shareholders.
Aphria and Nuuvera do not expect a delay in the closing of the agreement. The merger is set to close in April.