Aurora Cannabis is urging shareholders to take no action on Curaleaf Holdings’ unsolicited takeover bid, accusing the company of trying to pressure investors into accepting a deal that undervalues Aurora and its international medical marijuana business.
In a statement issued August 19, Aurora confirmed that Curaleaf has formally commenced its bid for all outstanding Aurora shares. The offer carries a stated implied value of $4 per Aurora share, consisting of 0.3463 Curaleaf subordinate voting shares plus $0.75 in cash. The consideration is capped at $5 per Aurora share.
Aurora characterized the proposal as a hostile takeover and said Curaleaf is seeking to acquire the company’s European Union Good Manufacturing Practice (EU-GMP) facilities and global medical marijuana platform “at the lowest price possible.” The company also disputed Curaleaf’s characterization of Aurora’s recent business performance.
“The strong shareholder support demonstrated at our 2026 AGM reinforces our commitment to the long-term strategy we are executing,” said Aurora Executive Chairman and CEO Miguel Martin. “We believe Curaleaf made a strategic decision to make its offer public to pressure our shareholders into making a short-term decision for the benefit of Curaleaf shareholders. We will not do that.”
Martin also pushed back on suggestions that Aurora had been unwilling to engage with Curaleaf, saying the companies have been in discussions since June 22 and were in contact as recently as August 12.
Curaleaf first publicly announced its intention to pursue Aurora on August 11. Aurora said it had previously received letters from Curaleaf dated June 23 and July 7, although the first contained no proposed financial terms and the second did not specify the proposed mix of cash and stock.
Aurora’s board has formed a special committee of independent directors to evaluate the offer and make a recommendation. The company said shareholders should take no action until that review is completed.
The offer must remain open for at least 105 days, giving Aurora shareholders until at least December 1 to consider it. Aurora said its board intends to issue a formal recommendation through a news release and directors’ circular within 15 days.
Aurora operates medical marijuana businesses across Canada, Europe, Australia and New Zealand and has manufacturing facilities in Canada and Germany. Its shares trade on the Nasdaq and Toronto Stock Exchange under the ticker ACB.
Aurora Urges Shareholders to Take No Action on Curaleaf’s Hostile Takeover Bid
