Why HEXO Stock Popped on Today's Merger News
Shares of HEXO (NYSE: HEXO) were hopping Friday morning, up 7.8% at 11:30 a.m. EDT, on news that the Canadian cannabis company will acquire Canada's largest privately owned licensed producer, Redecan, for a purchase price of 925 million Canadian dollars ($765 million), paid in cash and stock.
Upon closing of the transaction, HEXO will pay CA$400 million in cash, plus enough new HEXO stock to be worth CA$525 million to acquire Redecan.
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Source Fool.com
