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[SITUATION] · [ACTIVE] · [BUSINESS]

7 clusters · 15 sources · 70 days · First seen · Last updated

Curaleaf seeks to revise hostile bid for Aurora Cannabis

Overview

Curaleaf Holdings has launched a formal, unsolicited takeover bid for Aurora Cannabis, valued at approximately US$272 million. The proposal offers an implied value of US$4.00 per share—representing a 45 percent premium over Aurora’s 30-day volume-weighted average price—consisting of 0.3463 Curaleaf subordinate voting shares and US$0.75 in cash per share, with a potential cap of US$5.00. Curaleaf Chairman and CEO Boris Jordan stated the acquisition aims to establish a scaled global cannabis platform operating across 17 countries. By merging Aurora’s international medical cannabis franchise and manufacturing capacity with Curaleaf’s retail and distribution networks, the company seeks to increase U.S. market exposure and achieve annual cost synergies of at least US$40 million. Aurora Cannabis has formally rejected the bid. Following a review by a special committee of independent directors, Aurora’s board of directors unanimously recommended that shareholders reject the offer, characterizing it as a “hostile bid” that is “inadequate.” Aurora Executive Chairman and CEO Miguel Martin argued the transaction significantly undervalues the company and poses financial and governance risks, noting that Aurora is debt-free while Curaleaf carries over $1 billion in debt. Aurora also expressed concerns regarding voting power, noting that under the proposed exchange, Aurora shareholders would hold only about 3.2% of the voting power in a combined entity due to Curaleaf’s multi-voting structure. In response to Aurora’s activities, Curaleaf filed an application with the Alberta Securities Commission to halt Aurora from issuing shares through its at-the-market program, alleging these issuances act as an improper defensive tactic. Curaleaf has since announced its intention to revise the bid to an implied consideration of US$5.00 per share (0.4013 Curaleaf shares and US$1.00 in cash).

Entities

Boris Jordan · Aurora Cannabis · Curaleaf Holdings · Miguel Martín · Curaleaf Holdings, Inc.

Timeline

  1. [BUSINESS] 3 sources
    Curaleaf accuses Aurora Cannabis of blocking takeover bid

    Curaleaf is challenging Aurora Cannabis’s rejection of its $5-per-share takeover bid, accusing the board of obstructing the deal while granting due diligence access to other unnamed parties.

  2. [BUSINESS] 4 sources
    Curaleaf intends to revise hostile takeover bid for Aurora Cannabis

    Curaleaf Holdings intends to increase its hostile takeover bid for Aurora Cannabis to US$5.00 per share, though Aurora's board awaits a formal proposal for evaluation.

  3. [BUSINESS] 5 sources
    Curaleaf seeks to halt Aurora Cannabis share sales during takeover bid

    Curaleaf has asked the Alberta Securities Commission to halt Aurora Cannabis's share sales, alleging the issuances dilute shareholders and obstruct Curaleaf's ongoing takeover bid.

  4. [BUSINESS] 2 sources
    Aurora Cannabis urges shareholders to reject Curaleaf takeover bid

    Aurora Cannabis's board has unanimously recommended that shareholders reject Curaleaf Holdings' hostile takeover bid, citing inadequate valuation and significant financial risks.

  5. [BUSINESS] 6 sources
    Curaleaf launches formal takeover bid for Aurora Cannabis

    Curaleaf has made a formal takeover bid for Aurora Cannabis, offering approximately US$4.00 per share to create a larger global cannabis platform. Aurora's board has advised shareholders to take no action.

  6. [BUSINESS] 2 sources
    Curaleaf launches US$272M unsolicited takeover bid for Aurora Cannabis

    Curaleaf Holdings has launched an unsolicited US$272 million takeover bid for Aurora Cannabis, offering US$4.00 per share in a mix of cash and stock.

  7. [BUSINESS] 5 sources
    Curaleaf Holdings launches unsolicited takeover bid for Aurora Cannabis

    Curaleaf Holdings has launched an unsolicited takeover bid for Aurora Cannabis, offering up to US$5.00 per share in a move to create a global medical cannabis platform.

Sources

aijourn.com · businessofcannabis.com · cjoy.com · fool.ca · investingnews.com.au · lesaffaires.com · lesgrandsmaitres.fr · marketbeat.com · mmjdaily.com · otravel.com · pressreach.com · shankennewsdaily.com · stocktitan.net · thedeepdive.ca · themarijuanaherald.com

This summary has been updated 6 times: see revision history