Aurora Cannabis Inc. recommended that shareholders reject an unsolicited takeover bid from Curaleaf Holdings Inc., arguing the offer undervalues the company's assets and strategic position.
The bid, announced last month, proposes US$4.00 per share in the form of 0.3463 Curaleaf subordinate voting shares plus US$0.75 in cash. Aurora noted the offer's US$5.00 per share cap falls below its closing price on December 18, 2025, when shares traded above that level. The company, based in Edmonton, Alberta, has advised shareholders to take no action on the proposal.
Aurora's board formed a special committee of independent directors to evaluate the offer, with support from legal and financial advisors including Torys LLP, Stikeman Elliott LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Fort Capital Partners, and Kingsdale Advisors. The committee has 15 days to deliver a recommendation.
Curaleaf first contacted Aurora on June 22, 2026, initiating discussions without providing financial terms. A subsequent letter on June 23 lacked specifics on cash and share allocations, while a July 7 proposal also omitted key details. Curaleaf publicly announced its intention to bid on August 11, following the most recent contact between the companies on August 12.
Aurora CEO Miguel Martin stated that Curaleaf's objective appears to be acquiring the company's EU-GMP facilities and medical cannabis platforms at minimal cost. The offer remains open for a minimum of 105 days, with a deadline set for December 1, 2026.
Curaleaf, listed on the TSX under ticker CURA and trading OTCQX as CURLF, and Aurora, trading as ACB on both TSX and NASDAQ, have not disclosed any further terms or conditions related to the bid.
