MinterEllison has advised AusCann Group Holdings Ltd (AusCann) on its all scrip acquisition of CannPal Animal Therapeutics Limited (CannPal).

AusCann has entered into a scheme implementation deed with CannPal, where AusCann will acquire 100% of the issued share capital in CannPal under a scheme of arrangement. AusCann will own 100% of CannPal shares on implementation of the scheme and CannPal shareholders will receive 1.3 AusCann shares for every 1 CannPal share.

MinterEllison advised AusCann on all aspects of the approach, structuring, due diligence and negotiation of the scheme implementation deed.

"We are pleased to have assisted AusCann in this merger within a challenging environment, where both listed companies were affected by the market volatility impacting organisations around the globe," said lead partner Bart Oude-Vrielink.

"The acquisition provides a positive outcome for AusCann, where it can expand its own market while maintaining its focus and expertise in cannabinoid therapeutics. It also provides them with scope to develop new therapeutic products with the potential to generate new product and licensing revenues. 

"During a period of time where healthcare is such an important focus for our society, we're delighted to support AusCann in their mission to provide greater medical treatment options for the Australian community," Mr Oude-Vrielink added.

Kidder Williams acted as financial adviser to AusCann.

Mr Oude-Vrielink and Sudharshan Senathirajah led the MinterEllison team and were supported by Mark Simkiss, Josh Carfi and other specialist team members.