Aurora, CanniMed & The Hip:

Laurel Hill’s Case Study in Canada’s First Hostile Cannabis Takeover

After a hard-fought, complex and headline-grabbing hostile takeover, Aurora Cannabis Inc. (“Aurora”) has now, pending completion of the compulsory acquisition process, completed its $1.1B acquisition of CanniMed Therapeutics Inc. (“CanniMed”). While the soon-to-be combined company and its shareholders now look forward to what promises to be an exciting journey ahead as Canada prepares for recreational cannabis legalization later this year, we wanted to take the opportunity to look back and study this transaction – Canada’s first unsolicited takeover bid in the cannabis space.

Happy Anniversary NI 62-104!

A Case Study in Canada’s New Takeover Bid Regime

In light of the one year anniversary of Canada’s new takeover bid regime (as set out in National Instrument 62-104 Take-Over Bids and Issuer Bids) that took effect in May 2016, requiring, among other things, that bids must remain open for at least 105 days (subject to certain exceptions), we thought it would be beneficial to review in detail one of the unique and most interesting unsolicited bids from year one, namely the Total Energy Services Inc. (“Total”) hostile offer (“Offer”) for Savanna Energy Services Corp. (“Savanna”).