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TORONTO — Aurora Cannabis Inc. is pushing ahead with plans for an all-stock takeover offer for CanniMed Therapeutics Inc. after failing to reach an agreement with the company’s board.

The company proposed the deal last week and gave the CanniMed board until Friday to respond. However, Aurora said Monday morning that the board has not replied and it would go ahead with its bid which it valued at $24 per CanniMed share.

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“While we have attempted to engage and have a constructive dialogue with CanniMed’s Board and management about the strong merits of our offer, their refusal to enter into such a discussion, along with the powerful strategic rationale for the combination, leaves us no recourse at this point but to launch a formal offer for the company,” Aurora CEO Terry Booth said in a statement.

Aurora (TSX:ACB) said it has agreements with shareholders representing 38 per cent of CanniMed’s outstanding shares to support its bid.