Billionaire Nelson Peltz Joins Aurora Cannabis as Strategic Adviser
Marijuana Industry News March 14, 2019 MJ Shareholders 0
Peltz, whose New York-based Trian Fund Management LP has more than $10 billion under management, will advise Aurora on potential partnerships, the company said in a statement Wednesday. Aurora’s shares gained 8.5 percent to C$11.54 as of 10:43 a.m. in Toronto.
“Nelson comes with a phenomenal track record and was very excited about the growth opportunity here at Aurora,” Aurora Chairman Michael Singer said in a phone interview. “He isn’t as antagonistic as some of the market may portray him to be and he collaborates closely with the company’s board and management, and we thought that recipe and his deep connection to global businesses that we think are going to be value-added to our business going forward was the right recipe.”
Peltz, 76, has been granted 20 million options to purchase Aurora shares at C$10.34 each, slightly below Tuesday’s closing price of C$10.64. The options will vest on a quarterly basis over four years, or faster if certain conditions are met, including “the consummation of certain defined transactions” and the share price hitting C$41.36 for a specified number of trading days. If exercised in full, that would make Peltz the second-largest shareholder in Aurora after ETF provider Vanguard Group Inc., according to data compiled by [Read More @ Bloomberg].
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