949 ET - Curaleaf's takeover bid for Aurora Cannabis offers attractive upside for shareholders, according to ATB Cormark's Frederico Gomes. In a report, the analyst says the $4.00 per share consideration offers shareholders a 45% premium--or 110% excluding cash--to Aurora's 30-day volume-weighed average price, valuing Aurora at an enterprise value of $171.1 million. While the upfront bid sits below the analyst's previous target, Gomes says future upside is "driven by the $40mm of identified synergies (which we believe are achievable and could be exceeded)," as well as U.S. adult-use cannabis rescheduling, "which we expect to materialize in the coming weeks or months." ATB downgrades the stock rating to tender from outperform and the stock target to C$5.60 from C$6.50.