(Updates with Aurora Cannabis' response in the fifth and the sixth paragraphs.)

Aurora Cannabis (ACB) shares were up more than 8% in Monday premarket activity after Curaleaf said it increased its offer to acquire all Aurora shares for cash and subordinate voting shares of Curaleaf.

Curaleaf said it increased the total implied consideration by 25%. Under the new bid, shareholders of Aurora Cannabis would receive a total implied consideration of $5 per share, consisting of $1 in cash and 0.4013 of Curaleaf shares, according to a statement.

Curaleaf said its new bid also raises the offer's maximum consideration per Aurora share to $6 from $5 previously, it said.

Curaleaf added that the new consideration represents a premium of 86% to Aurora's unaffected share price based on the 30-day volume weighted average price as of Aug. 10.

A spokesperson for Aurora Cannabis told MT Newswires in an emailed response that Curaleaf's announcement is not a formal revised bid, and the company has not yet received the materials needed to conduct a comprehensive review.

Once a formal bid is filed, the company's special committee will conduct a thorough review before making a recommendation to the board, the spokesperson said.