Curaleaf Holdings launches unsolicited takeover bid for Aurora Cannabis

Curaleaf Holdings, Inc. has announced its intention to launch an unsolicited takeover bid for Aurora Cannabis Inc. The proposal offers an implied consideration of US$4.00 per Aurora share, consisting of 0.3463 Curaleaf subordinate voting shares and US$0.75 in cash per share. Depending on Curaleaf’s stock performance, the value could be capped at US$5.00 per share.

Curaleaf stated the bid aims to create a global cannabis platform operating across 17 countries, combining Aurora’s EU-GMP cultivation capacity with Curaleaf’s distribution and retail reach. The company anticipates annual cost synergies of at least US$40 million.

Aurora Cannabis responded by noting the proposal was not solicited and that the proposed cap on consideration is lower than recent trading prices for its shares. Aurora’s Board of Directors is reviewing the proposal alongside other strategic alternatives and its current plans, including its recent acquisition of the Safari Flower Company.