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Curaleaf Proposing to Acquire Aurora Cannabis For $4.00 Per Share

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Curaleaf Holdings (CURA.TO) on Tuesday said it is proposing to acquire Aurora Cannabis (ACB.TO) at $4.00 per share.

It is making its intention public after two attempts to engage with the Aurora board had met with silence, Curaleaf said. It sent a formal letter of intent on June 23 outlining Curaleaf's proposal, and a follow-up letter on July 7. No formal offer has been made.

The offer, comprised of 0.35 of a Curaleaf share, plus $0.75 cash per Aurora share, implies a 45% premium based on Aurora's 30-day volume weighted average price (VWAP) of $2.75.

The Curaleaf statement noted the combined company would have a footprint in 17 countries spanning Europe, North America, and other emerging international markets.

Aurora Cannabis has not yet released a statement.

Curaleaf shares were last seen up C$0.16, to C$13.24, on the Toronto Stock Exchange, while Aurora Cannabis shares jumped 20.35% to C$4.85.

Price: $13.21, Change: $+0.13, Percent Change: +0.99%

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