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It's official: Curaleaf is taking its hostile bid directly to Aurora shareholders. The cannabis company went public with the proposed terms on Monday.
The $4 per share offer is about a 45% premium on Aurora's 30-day average share price, dated to August 10 before Curaleaf announced its intention. The company says it found a path to about $40 million in annual cost synergies, and that the combined, $3 billion market cap company would be "uniquely positioned as the premier public vehicle for blue-chip institutional and long-term investors," seeking exposure to legal cannabis.
"Today, we are putting this proposal directly in the hands of Aurora shareholders," Curaleaf CEO Boris Jordan said in a statement. "We believe our Offer provides immediate value and a unique opportunity to participate in the upside of a larger, more diversified global cannabis platform with meaningful exposure to the growth of the U.S. market."
Both Curaleaf and Aurora shares surged on the initial announcement last week. Aurora's up about 1.5% intraday, while Curaleaf slipped about 2%.
#offer #market
It's official: Curaleaf is taking its hostile bid directly to Aurora shareholders. The cannabis company went public with the proposed terms on Monday.
The $4 per share offer is about a 45% premium on Aurora's 30-day average share price, dated to August 10 before Curaleaf announced its intention. The company says it found a path to about $40 million in annual cost synergies, and that the combined, $3 billion market cap company would be "uniquely positioned as the premier public vehicle for blue-chip institutional and long-term investors," seeking exposure to legal cannabis.
"Today, we are putting this proposal directly in the hands of Aurora shareholders," Curaleaf CEO Boris Jordan said in a statement. "We believe our Offer provides immediate value and a unique opportunity to participate in the upside of a larger, more diversified global cannabis platform with meaningful exposure to the growth of the U.S. market."
Both Curaleaf and Aurora shares surged on the initial announcement last week. Aurora's up about 1.5% intraday, while Curaleaf slipped about 2%.
#offer #market
3 months ago
