Curaleaf launches $260 million takeover bid for Aurora Cannabis

Aug 18 (Reuters) - U.S.-based cannabis firm Curaleaf Holdings said on Tuesday it has launched a takeover bid for Aurora Cannabis valuing the Canadian peer at about $260 million, a week after it first announced the proposal.

U.S.-listed shares of Aurora rose 3% in early trading.

• Aurora shareholders will get 0.3463 Curaleaf shares and 75 cents in cash for each Aurora share, amounting to a total consideration of $4 per share. The offer is capped at $5 per share if Curaleaf's stock rises above a set level.
• The offer represents an 11.1% premium to the Monday close of Aurora's U.S.-listed shares, per Reuters calculations.
• The offer is open until December 1, subject to regulatory approvals and support from more than half of Aurora's independent shareholders.
• Aurora formed a special committee last week after Curaleaf first announced the offer. Curaleaf said it remains open to talks with the committee.
• Curaleaf went public through a reverse takeover in October 2018, the same month Aurora began trading on the New York Stock Exchange, as Canada's legalization of recreational cannabis fueled investor interest in the sector.
• Aurora produces and markets medical and recreational cannabis, under brands such as Aurora, CanniMed, and MedReleaf, in Canada and international markets.