Despite this, analysts expressed confidence that Tilray shareholders would back the tie-up with Aphria. Cantor Fitzgerald analyst Pablo Zuanic estimates that company insiders own about 25 per cent of Tilray's stock, meaning only an additional eight per cent of eligible voting shares would be required for Friday's meeting to proceed. Kennedy is the largest shareholder, with about 8.5 per cent of outstanding shares. Company insiders, including Michael Blue and Christian Groh, are also major owners. Kennedy, Blue and Groh founded Seattle-based private equity firm Privateer Holdings in May 2010. The firm later invested in Tilray. "We have good conviction this deal will happen," Zuanic wrote in an April 16 note to clients. Under the terms, Leamington, Ont.-based Aphria will receive 0.8381 shares of Nanaimo-based Tilray for each Aphria common share.