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00:02Aurora Cannabis urged shareholders to reject Cureleaf Holdings' unsolicited $272 million hostile takeover bid,
00:10saying the offer is inadequate and undervalues parts of its business, according to the Wall Street Journal.
00:16CEO Miguel Martin said the offer undervalues its high-margin European medical cannabis business,
00:23dilutes shareholder voting power, and would use Aurora's cash to help absorb Cureleaf's heavy debt load.
00:29Aurora's board unanimously recommended rejecting Cureleaf's $4 per share offer,
00:34which includes cash and Cureleaf shares and is capped at $5 per share.
00:39Martin said Aurora expects its international medical cannabis strategy to begin producing results within six months.
00:46Cureleaf defended the proposal, saying it offers a 45% premium and exposure to a larger cannabis company.
00:52Aurora said it remains open to other offers.
00:54For all things money, visit Benzinga.com.
