Aurora Cannabis rejects Curaleaf’s takeover bid

Aurora Cannabis Inc. said on Wednesday it had rejected an unsolicited takeover bid from Curaleaf Holdings Inc. valued at approximately $1.1 billion.

The Canadian cannabis producer, based in Edmonton, Alberta, stated that Curaleaf’s proposal did not align with its strategic objectives or provide sufficient value for shareholders. Aurora emphasized that its board had reviewed the offer and concluded it was not in the best interest of the company.

Curaleaf, one of the largest cannabis companies globally, had proposed acquiring Aurora in an all-stock deal. The bid valued Aurora at C$1.20 per share, a premium to its recent trading levels but below Aurora’s stated expectations. Aurora’s shares closed at C$1.02 on Tuesday, up 1.0%.

Aurora Cannabis did not disclose whether it would consider future offers or engage in discussions with Curaleaf. The company reiterated its focus on operational improvements and long-term growth initiatives, including expanding its medical cannabis business and optimizing production costs.

Analysts noted that the rejection reflects broader challenges in the cannabis sector, where consolidation has slowed amid regulatory and market pressures. Curaleaf’s bid comes as the industry grapples with oversupply, pricing pressures, and uneven demand across North America.

The rejection does not preclude Curaleaf from submitting a revised offer, though Aurora has not indicated openness to further discussions at this stage.