Curaleaf Holdings has gone public with plans for a $272 million unsolicited takeover bid for Aurora Cannabis, offering $4.00 a share in cash and stock after saying Aurora's board twice rejected private outreach on June 23 and July 7. Aurora shares closed up 18% at $4.76 after the proposal, which values the company at a 45% premium to its 30-day volume-weighted average price of $2.75. Aurora holders would receive 0.3463 of a Curaleaf subordinate voting share plus $0.75 in cash per share, with total consideration capped at $5.00 if Curaleaf's 20-day volume-weighted average price rises before closing. Curaleaf says a combination would create a cannabis group operating in 17 countries with roughly $3 billion in pro forma market value, more than $1.5 billion in last-12-month revenue, adjusted EBITDA approaching $350 million and at least $40 million in annual cost savings. No formal bid has been launched.