June 7, 2019 / 12:43 AM / 4 months ago

BUZZ-Australian cannabis co Creso Pharma soars on Canada's PharmaCielo takeover offer

** Shares of Creso Pharma soar as much as 36.9% to a five-month high of A$0.575 on an acquisition offer

** The cannabis co says it will be acquired by bigger Canadian peer PharmaCielo for A$122 mln ($85.08 mln) or A$$0.63 per share

** The Australian co’s board unanimously back the deal, which represents a premium of 50% to Creso’s last close of A$0.420

** Creso shareholders will get 0.0775 PharmaCielo shares for every Creso Pharma share held

** As part of deal, PharmaCielo will extend a loan of C$3.5 mln ($2.62 mln) to Creso

** Stock posts biggest intraday percentage gain since March 2017

** More than 2.1 mln shares change hands, compared with 30-day average volume of ~232,300

** Stock down >14% this year, as of last close ($1 = 1.4339 Australian dollars) ($1 = 1.3353 Canadian dollars) (Reporting by Aditya Soni in Bengaluru)

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