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Update: Aurora Cannabis Shares Rise After Curaleaf Unveils Acquisition Proposal

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(Updates with the latest stock price movement in the headline and the first paragraph.)

Aurora Cannabis (ACB) shares rose 20.6% in Tuesday afternoon trading following Curaleaf's proposed acquisition of the company.

Curaleaf disclosed Tuesday its plan to acquire Aurora Cannabis for an implied consideration of $4 per share, comprising 0.3463 Curaleaf share and $0.75 in cash.

The proposed deal is expected to create a global cannabis platform with over $1.5 billion last 12 months revenue and nearly $350 million in adjusted EBITDA, with at least $40 million in annual cost synergies.

No formal takeover bid has been commenced, Curaleaf said, adding that there is no assurance the proposed offer will ultimately be made.

Price: $3.49, Change: $+0.60, Percent Change: +20.59%

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