Shareholders of Canadian cannabis producer Hexo Corp. approved Tilray’s court-accepted plan to acquire all the issued and outstanding common shares of the Quebec company.
The vote occurred Thursday at a special meeting of common shareholders, Ottawa-based Hexo said.
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Hexo, headquartered in Gatineau, said its common shareholders will receive 0.4352 of a share of Tilray common stock for each whole common share held.
The arrangement was approved by roughly 93.7% of all votes cast.
In April, Tilray entered into a definitive agreement to acquire Hexo for an aggregate purchase price of approximately $56 million (74 million Canadian dollars).
New York-headquartered Tilray said it planned to finance the deal by issuing 0.4352 of its common stock for each outstanding Hexo share.
The two businesses entered a strategic alliance last year.
At the time, Tilray said it planned to purchase $193 million (CA$243.3 million) of Hexo senior secured
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