Aphria rejects hostile bid from Green Growth, shares down 6% premarket

|About: Aphria Inc. (APHA)|By:, SA News Editor

The board of Aphria (NYSE:APHA) unanimously rejects a hostile all-stock bid from Green Growth Brands (OTCQB:GGBXF) who is offering 1.5714 of its common shares for each Aphria share.

Aphria says the bid represents a 23% discount from its recent price based on Green Growth's C$5.87 closing price yesterday which it says significantly undervalues the business.

Shares are down 6% premarket on light volume.

Subscribe for full text news in your inbox