Canadian marijuana producer Aurora Cannabis Inc. has won the shareholders support required for its C$1.1 billion acquisition of CanniMed Therapeutics Inc., Bloomberg News reported, citing anonymous sources.
Vancouver, British Columbia-based Aurora had initially made a hostile bid that valued Saskatoon, Saskatchewan-based CanniMed at C$24 a share in November 2017.
In January, the companies reached a deal once Aurora sweetened the offer to C$43 per share.
People familiar with the matter told the news outlet that more than two-thirds of CanniMed shareholders tendered their shares before the March 9 deadline, clearing the path for the deal.
Aurora spokesman Cam Battley told Bloomberg that the company is "still satisfying material conditions" of the deal.
