December 28, 2018 / 12:53 PM / 5 months ago

BUZZ-Aphria: Jumps on Green Growth's bid plan, but trades below offer price

(Updates prices, adds Aphria response)

** Aphria’s U.S.-listed shares climb 12 pct to $6.24 premarket vs. Green Growth Brands Ltd’s planned offer price of C$11, or $8.09 at current forex rates

** Aphria’s Toronto-listed shares closed at C$7.57 on Thursday, valuing the Canadian pot producer at C$1.90 bln

** After the bell, U.S. cannabis retailer Green Growth said it would make a hostile all-stock bid, valuing Aphria at C$2.8 bln

** Green Growth says offer based on valuation of C$7 per GGB share; GGB started trading on Canadian Securities Exchange on Nov. 13 and its highest price since then is C$5.25

** Aphria says GGB’s offer, as it stands, significantly undervalues the company and GGB’s per-share value “is based on a hypothetical valuation of its own shares, with no relation to the current price”

** As of Thursday’s close, U.S.- and Canadian-listed shares of Aphria have more than halved this year

** APHA has tumbled ~62 pct YTD, with a chunk of the losses coming after a short-seller questioned Aphria’s acquisition in Latin America (Reporting by Shreyashi Sanyal and Savio D’Souza in Bengaluru)

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