11/24/2017 04:29 EST | Updated 11/24/2017 04:40 EST

Aurora formally launches hostile takeover bid for CanniMed Therapeutics

VANCOUVER — Aurora Cannabis Inc. formally launches its all-stock hostile takeover bid for CanniMed Therapeutics Friday, on the condition that the medical marijuana producer cancel its own planned acquisition of Newstrike Resources Ltd.

The Vancouver-headquartered licensed marijuana company says in a statement it placed a newspaper ad for its offer, valued at $24 per share, and a takeover bid circular will be mailed to CanniMed's shareholders.

Aurora (TSX:ACB) also outlined the conditions of its offer, including that CanniMed's (TSX:CMED) recently proposed acquisition of The Tragically Hip-backed marijuana company Newstrike not proceed and be terminated.

Aurora says its offer will remain on the table until March 9, 2018.

This comes after Aurora first announced its unsolicited takeover bid on Nov. 14, a friendly offer which turned hostile after it said it did not receive a response from CanniMed.

CanniMed said Wednesday it had formed a special committee in anticipation of a formal offer from Aurora.