Tilray to pay lower price to buy Hexo

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Tilray Brands Inc. TLRY, -7.69% rose 1.3% in premarket trades on Tuesday after the cannabis company said it crafted more favorable terms in its deal to acquire Hexo Corp. HEXO, -6.83%. Tilray reiterated a target of up to C$80 million ($61.9 million) in cost savings for the deal, which it said will add to earnings upon the expected closing date on or around July 15. The initial conversion price of the Hexo note will be adjusted down to 40 cents a share from 85 cents a share, under the revised terms.

This article was originally published by Marketwatch.com. Read the original article here.

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