December 12, 2017 / 11:28 PM / a month ago

Canadian regulator schedules hearing on CanniMed-Aurora takeover battle

(Reuters) - The Ontario Securities Commission on Tuesday scheduled a hearing on CanniMed Therapeutics’ request to intervene in a hostile takeover bid by bigger rival Aurora Cannabis Inc on Dec. 20.

Medical marijuana company CanniMed on Monday asked the Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission to declare Aurora’s move to take its buyout offer directly to CanniMed shareholders as an insider bid.

Alberta-based Aurora offered to buy CanniMed last month but CanniMed adopted a plan to prevent shareholders from entering agreements with Aurora, viewing the deal to be “coercive.”

Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila

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