Tilray Shares Jump on Deal to Take Control of Biggest Holder (2)

Tilray Inc.’s stock jumped after its largest shareholder agreed to merge with the cannabis company and extend the lockup on its stake for two years except under certain strategic circumstances.

Privateer Holdings Inc. has signed a non-binding letter of intent that will see it merge with Tilray. For the first year after the merger closes, the 75 million shares currently held by Privateer will only be released to institutional investors or large companies looking to make a strategic investment in the industry, and then only at the discretion of Tilray. In the second year, the remaining shares will be subject ...