[REVISION HISTORY]

Curaleaf seeks to revise hostile bid for Aurora Cannabis

Updated 6 times since CLSTR started tracking revisions of this situation.

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2026-10-20 18:13 UTC → 2026-10-21 02:56 UTC · added ~~removed~~

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 that has diluted shareholders and increased the takeover cost.~~ 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).

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