ICC Labs issued an update to shareholders on its acquisition process with Aurora Cannabis.
As quoted in the press release:
ICC Labs is pleased to announce that it has obtained an interim order of the Supreme Court of British Columbia authorizing, among other things, the holding of the Company’s special meeting of holders (the ICC Shareholders) of common shares (ICC Shares). At the meeting, the ICC Shareholders will be asked to consider and vote on a special resolution (the Arrangement Resolution) approving a statutory plan of arrangement (the Arrangement) whereby, subject to the terms and conditions of an arrangement agreement between the Company and Aurora Cannabis Inc. (Aurora) dated September 8, 2018 (the Arrangement Agreement), Aurora will acquire all of the issued and outstanding ICC Shares.
Share Consideration and Premium
If the Arrangement becomes effective, each ICC Shareholder will receive $1.95 per ICC Share, payable in common shares of Aurora (the Aurora Shares) valued at the volume-weighted average trading price of Aurora Shares on the Toronto Stock Exchange (the TSX) during the twenty trading day period ending on the second to last trading day on the TSX immediately prior to the date the Arrangement is completed pursuant to the terms of the Arrangement Agreement and as further described in the Company’s management information circular (the Circular) in respect of the Arrangement.
The consideration to be received by ICC Shareholders represents a premium of approximately 34 [percent] on the twenty day volume-weighted average trading price of ICC Shares on the TSX Venture Exchange (the TSX-V) for the period ending August 22, 2018 (being the last trading day prior to ICC issuing a news release in respect of a media report speculating as to a potential transaction involving the acquisition of ICC).