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Aurora Cannabis Inc. proposed the largest takeover bid in Canada’s nascent marijuana market in an attempt to expand its reach into Europe.

Aurora said late Tuesday it offered to acquire CanniMed Therapeutics Inc. in an all-stock, $582 million deal that values the Saskatoon, Saskatchewan-based company at $24 a share, 57 per cent above its closing price on Tuesday.

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Both sides have yet to have “active discussions” about a deal, Aurora said in a statement. It added that investors holding 38 per cent of CanniMed stock are backing the takeover, and that the company has until 5 p.m. Vancouver time on Nov. 17 to respond to its proposal before Aurora proceeds with a formal bid.

CanniMed Therapeutics urged shareholders Wednesday to wait until the company has time to review the unsolicited takeover offer before doing anything.