Tilray Locks In a Merger With a Major Shareholder
Still in its early stages, the cannabis industry sometimes does business in nontraditional ways. A prime example is Tilray (NASDAQ: TLRY), which on Friday essentially acquired and swallowed up its major shareholder.
Tilray announced that it had completed a merger with private equity firm Privateer Holdings, which held 75 million shares, or roughly 77% of its stock. All Privateer stock is to be converted "into the right to receive the applicable portion of an aggregate [share]" of the cannabis company's stock. Tilray stressed that it did not pay any cash consideration to Privateer in the arrangement.
Image source: Getty Images.
Source Fool.com
