Hexo extends slide as Tilray deal closure nears

Shares of HEXO Corp. (NASDAQ:HEXO) fell for the fourth straight session on Tuesday after the Canadian cannabis player cleared another hurdle to complete its deal to be acquired by local rival Tilray (NASDAQ:TLRY).
On Monday, the Gatineau, Canada-based company announced that the Ontario Superior Court of Justice issued a final order approving the acquisition under which Tilray (TLRY) agreed to offer 0.4352 shares of its common stock to purchase HEXO shares.
Last week, at a special investor meeting on Wednesday, Hexo's (HEXO) shareholders also approved the buyout deal. Tilray's (TLRY) consideration for the company indicated a $1.25 per share value, a 24% discount to the HEXO's closing shares price when the deal was announced in April.
With the last hurdle for the arrangement cleared, the companies plan to close the agreement in the coming days, subject to other closing conditions.

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