Tilray and Aphria near merger - Bloomberg

Dec. 15, 2020 4:45 PM ETTilray Brands, Inc. (TLRY), TLRY:CABy: Stephen Alpher, SA News Editor99 Comments
  • According to Bloomberg Canada, Tilray (NASDAQ:TLRY) and Aphria (APHA) are in advanced merger talks. An announcement could come as soon as this week. CNBC's Sara Eisen reports that official word may come tomorrow.
  • Updated with more details: The merged company is expected to keep the Tilray name, but with Aphria CEO Irwin Simon as CEO, and Aphria holding a bigger stake, and most of the board seats. Tilray boss Brendan Kennedy will get a board seat, but not an executive operating role. Up to $100M in annualized operating synergies are hoped for.
  • The merged company is also seen moving its HQ to the U.S. as it focuses on winning market share in that country.
  • Aphria earlier this year had its eye on Aurora Cannabis (ACB), but talks between the two ultimately broke down.
  • Tilray up 10%, Aphria up 4% in after hours action.
  • The M&A animal spirits is lifting other sector names: Aurora Cannabis (ACB) +2.5%, Cronos Group (CRON) +3.5%, Canopy Growth (CGC) +0.4%

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