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BusinessActive · 16h

Curaleaf launches hostile $272M bid for Aurora Cannabis after board rebuffs talks

Stamford-based cannabis company goes directly to shareholders after Edmonton rival's leadership refused private negotiations.

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Summary, timeline and people extracted by Claude from 16 items across 3 sources · 3h ago. Quotes are verbatim.

Curaleaf Holdings announced on August 11, 2026, an unsolicited takeover bid to acquire all outstanding shares of Aurora Cannabis for US$4.00 per share plus US$0.75 cash—a 45% premium to Aurora's 30-day average trading price. The move came after Aurora's board rejected multiple overtures, including formal letters of intent sent June 23 and July 7, prompting Curaleaf to take its proposal directly to shareholders.

  • Curaleaf announced a $272 million unsolicited takeover bid for Aurora after the target's board refused to negotiate private offers sent June 23 and July 7.
  • The offer values Aurora shares at US$4.00 plus US$0.75 cash—a 45% premium to Aurora's 30-day trading average—with a 105-day window for acceptance.
  • The combined company would generate over US$1.5 billion in annual revenue with at least US$40 million in projected cost synergies, and would operate across 17 countries.
  • Equity analysts from TD Cowen immediately questioned the adequacy of the offer, citing Aurora's market leadership in medical cannabis and international regulatory expertise as undervalued in the proposal.

How it unfolded

  1. Event Curaleaf announces hostile takeover bid, bypassing Aurora board

    Curaleaf publicly announced its intention to make a takeover offer directly to Aurora shareholders after the board refused to negotiate. The offer valued each Aurora share at US$4.00 in stock and US$0.75 cash, representing a 45% premium to Aurora's 30-day VWAP and implying a $272 million deal.

    “We were very disappointed that the board refused to meaningfully engage. We will now take our proposal directly to Aurora shareholders because the premium is significant, the strategic rationale is compelling, and further delay is…”

    Boris Jordan · Google News ↗
  2. Analysis TD Cowen analysts say offer undervalues Aurora's potential

    TD Cowen published a note immediately after the bid was announced, arguing the offer undervalues Aurora's long-term intrinsic value given its medical cannabis leadership and international regulatory expertise.

    “We believe that the proposed consideration does not fully capture Aurora's long-term intrinsic value.”

    TD Cowen analysts Derek Lessard and Ryan Neal · Google News ↗
  3. 5 weeks quiet
  4. Event Curaleaf sends follow-up letter after initial silence

    After no engagement from Aurora, Curaleaf sent a second letter on July 7, but Aurora remained unwilling to engage in constructive discussions.

  5. 2 weeks quiet
  6. Event Curaleaf sends first letter of intent to Aurora leadership

    Curaleaf CEO Boris Jordan sent a formal letter of intent outlining a proposed acquisition, beginning private negotiations with Aurora's board.

What people are saying verbatim

“We were very disappointed that the board refused to meaningfully engage. We will now take our proposal directly to Aurora shareholders because the premium is significant, the strategic rationale is compelling, and further delay is unjustified.”

Boris Jordan, CEO and Chairman, Curaleaf · The Globe and Mail ↗ · Aug 10

“We believe this combination represents a win-win for Curaleaf and Aurora shareholders. We are offering Aurora shareholders a unique opportunity to participate in a more highly diversified global platform and increase their exposure to U.S. regulatory tailwinds.”

Boris Jordan, CEO and Chairman, Curaleaf · Yahoo Finance ↗ · Aug 10

“We believe that the proposed consideration does not fully capture Aurora's long-term intrinsic value.”

TD Cowen analysts Derek Lessard and Ryan Neal, Equity research analysts · The Globe and Mail ↗ · Aug 10

“We believe (Aurora's) market leadership in medical cannabis, high-quality product portfolio, strong balance sheet, and proven ability to navigate complex international regulatory requirements position the company to create significantly greater value over time.”

TD Cowen analysts Derek Lessard and Ryan Neal, Equity research analysts · The Globe and Mail ↗ · Aug 10

“Curaleaf remains ready to engage constructively with Aurora's board to advance this value-maximizing transaction, and we are prepared to move quickly toward a definitive agreement.”

Boris Jordan, CEO and Chairman, Curaleaf · The Globe and Mail ↗ · Aug 10