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[SITUATION] · [ACTIVE] · [BUSINESS]

3 clusters · 12 sources · 8 days · First seen · Last updated

Curaleaf formalizes unsolicited bid for Aurora Cannabis

Overview

Curaleaf Holdings has launched a formal, unsolicited takeover bid for Aurora Cannabis. The proposal offers an implied value of US$4.00 per share, consisting of 0.3463 Curaleaf subordinate voting shares and US$0.75 in cash per share, with a potential cap of US$5.00 based on stock performance.

Curaleaf Chairman and CEO Boris Jordan stated the acquisition is intended to establish a scaled global cannabis platform. By merging Aurora’s international medical cannabis franchise and manufacturing capacity with Curaleaf’s retail and distribution networks, the company aims to increase exposure to the U.S. market and achieve annual cost synergies of at least US$40 million. Curaleaf noted the bid was made public after alleging that Aurora leadership would not discuss the proposal in good faith during private negotiations.

Aurora Cannabis has contested Curaleaf’s account of their discussions and noted that the proposed cap is lower than recent trading prices. Aurora’s Executive Chairman and CEO Miguel Martin has advised shareholders to take no action while a special committee of independent directors evaluates the offer. The company maintains it is focused on long-term value rather than short-term pressure, and a formal recommendation from the board is expected within 15 days.

Entities

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

Timeline

  1. 4 days ago

    [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.

  2. 10 days ago

    [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.

  3. 12 days ago

    [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 · lesgrandsmaitres.fr · mmjdaily.com · otravel.com · pressreach.com · shankennewsdaily.com · stocktitan.net · thedeepdive.ca

This summary has been updated 1 time: see revision history