Aphria to Shareholders: Take No Action in Response to Hostile Bid

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Canadian marijuana producer Aphria Inc. (APHA) has urged its shareholders to “take no action” after cannabis retailer Green Growth Brands Inc. (GGB) tabled another hostile bid for the company. In a press release, Aphria complained that the terms of Green Growth’s latest all-stock takeover offer were “identical” to the unsolicited proposal it made on Dec. 27. Aphria said an independent committee of its board will now evaluate Green Growth’s latest offer before making any formal recommendation and asked shareholders to sit tight while it makes its decision.