/u/pasternak94 In order for their $245M to be 9.9$ of Canopy's market cap, it would have to raise from 2.2B to 2.47B. I think we agree on that.

You are assuming that zero new shares are issued and that the increase in market cap is coming 100% from share price increase. In reality, Canopy will be issuing a lot of new shares (think about it... Constellations isn't just buying 10% of the company off the open market).

If they are buying their 9.9% stake at current valuation that would be 19M new shares @ 12.79 = $245 M to get their 9.9% stake.

But it's also entirely likely that they are getting a discount, let's say 19.6M shares at $12.50 each = $245 M (same 9.9% stake but more shares).

If as you say, they are getting them at a premium, they would only be getting say 17.5M shares at $14 each = @245 M. This is entirely possible but highly highly unlikely.

Until we find out how many shares they are getting, we will know what price they paid and how diluted our current shares become.