Curaleaf-Aurora Saga Continues: ‘Take No Action,’ Aurora Tells Shareholders

By Nicolás Rodríguez, Managing Editor

The battle between Curaleaf Holdings and Aurora Cannabis escalated Wednesday again, with Aurora urging shareholders to “take no action” after Curaleaf formally launched its unsolicited takeover bid.

Aurora confirmed Wednesday that Curaleaf has commenced its offer for all outstanding Aurora shares, moving the takeover fight from competing public statements to an offer now directly in front of shareholders.

The bid carries a stated implied value of $4 per Aurora share, consisting of 0.3463 Curaleaf subordinate voting shares plus $0.75 in cash for each Aurora share. Aurora also highlighted that the offer caps the value of the consideration at $5 per share.

Aurora’s response was anything but neutral.

The Canadian medical cannabis company characterized Curaleaf’s move as a hostile takeover bid designed to pressure its shareholders into making a short-term decision. Aurora also accused Curaleaf of trying to acquire its EU-GMP production infrastructure and international medical cannabis platform at the lowest possible price.

“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,” Aurora Executive Chairman and CEO Miguel Martin said in the company’s response.

“We will not do that,” Martin added. “We are building this Company for the long term and will always do what is right for Aurora shareholders.”

Aurora Pushes Back on Curaleaf’s Version of Events

The latest response extends a public disagreement over what happened during the private negotiations that preceded Curaleaf’s bid.

Curaleaf initially announced its intention to acquire Aurora on Aug. 11 after saying its previous attempts to engage the company had failed to produce meaningful discussions.

Aurora subsequently challenged that characterization, confirming that it had received letters from Curaleaf dated June 23 and July 7 while arguing that the earlier proposals lacked important financial details.

Now Aurora says the conversations continued even more recently.

“Contrary to assertions by Curaleaf, our door is always open to those that see value in our Company,” Martin said. Aurora said the two companies had been in dialogue since June 22 and as recently as Aug. 12 — one day after Curaleaf publicly announced its intention to launch the offer.

Aurora argues that Curaleaf’s objective is to acquire its European infrastructure and medical cannabis businesses cheaply, saying the transaction as currently proposed would deprive Aurora shareholders of potential future value generated by those assets.

The European platform has been central to Curaleaf’s rationale for pursuing Aurora. Curaleaf Executive Chairman Boris Jordan recently told IgniteIt that Aurora represents a particularly strong strategic fit as Curaleaf seeks additional scale in international medical cannabis.

Shareholders Have Time

Despite the increasingly combative language, Aurora shareholders do not face an immediate decision.

The offer must remain open for at least 105 days, giving shareholders until at least Dec. 1, 2026, to consider their options.

Aurora has formed a special committee of independent directors to evaluate Curaleaf’s offer with financial and legal advisors. The board plans to issue its formal recommendation through a news release and directors’ circular within 15 days, as required under applicable securities laws.

Until then, its message to shareholders is simple: wait.

The next major development in the Curaleaf-Aurora saga may therefore come when Aurora’s board tells investors whether it believes $4 is enough — or whether Curaleaf will have to sweeten the offer if it wants the deal.