The Globe and Mail reports in its Thursday, Aug. 20, edition that ATB Cormark Capital Markets analyst Frederico Gomes, believing Curaleaf Holdings' formal takeover bid "offers attractive upside" to shareholders, moved Aurora Cannabis to "tender" from "outperform" with a $5.60 share target, down from $6.50 (all figures Canadian unless otherwise stated). The Globe's David Leeder writes in the Eye On Equities column that Mr. Gomes says in a note: "The implied $4 (U.S.) per share consideration offers shareholders an 45-per-cent premium (110 per cent excluding cash) to Aurora's 30-day VWAP. Based on our estimates, this proposal values Aurora at an enterprise value of $171.1-million (U.S.) and an NTMe [next 12-month estimated] EV/EBITDA multiple of 6.6 times, which is a premium to the peer average of 5.6 times. While the initial offer of $4 is lower than our previous $6.50 price target, the deal's capped value of $5 representing a price per Curaleaf share of up to $17.05 (U.S.) would be higher. Importantly, we believe Curaleaf's fair value could surpass $17.05 (U.S.) post-closing, driven by the $40-million of identified synergies."