Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) this week urged shareholders to reject the hostile takeover bid announced last month by Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF), The Canadian Press reports.

In a statement to Aurora shareholders, the Canada-based company said it is debt-free and currently holds CA$149 million in cash, while Curaleaf has debts exceeding CA$1 billion.

Miguel Martin, Aurora’s CEO and executive chairman, said the takeover bid hopes to utilize Aurora shareholders’ own cash to help finance the deal, and that the offer discounts Aurora’s assets. The takeover would also shift the risks primarily onto shareholders, Martin said.

Meanwhile, Curaleaf chairman and chief executive Boris Jordan said he is ready and willing to discuss the merger but Aurora has so far declined to engage meaningfully with the proposal.

Curaleaf announced its hostile takeover intentions for Aurora last month, offering cash and Curaleaf stock valued at $4 per Aurora share.

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