Aurora CEO On Curaleaf Takeover: ‘It’s Clear Why They Want It,’ But Offer Isn’t Adequate

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) is pursuing the acquisition of Canadian cannabis giant Aurora Cannabis Inc. (TSX: ACB) (NASDAQ: ACB), and Aurora CEO Miguel Martin says, “It’s clear why they want it.” While the assets make sense for Curaleaf, the offer itself is not in Aurora shareholders’ best interests, according to Aurora’s management and board of directors.

“It’s just that the price isn’t adequate and the structure of the deal,” Martin told BNN Bloomberg on Wednesday, after Aurora’s board unanimously recommended shareholders reject Curaleaf’s $4-per-share takeover bid.

Martin referred to Aurora’s EU-GMP-certified production network and access to medical cannabis markets in Europe.

“Our assets are incredibly unique,” he said. “EU-GMP certification, indoor facilities from Canada are some of the most sought-after assets in the world to get these medical products into key markets like Germany, Poland and the UK.”

Martin said Aurora being debt-free with over $140 million dollars in cash, is why the company’s shareholders should reject the acquisition offer. Curaleaf is of the opposite stance.

Aurora has raised roughly $398 million through equity issuances since September 2020, which resulted in 31% shareholder dilution. The company also sold stock through its ATM program at average prices of roughly $3.57 during fiscal 2026 and $3.09 during the June quarter.

“Debt can be repaid through cash flow. Equity dilution is permanent,” Curaleaf said.

Martin argued on Wednesday that the comparison should focus on the companies’ current financial positions.

“When you look at the respective balance sheets, ours is clearly stronger,” he told BNN Bloomberg.

The two North American cannabis giants have been making headlines for days over Curaleaf’s formal offer of $0.75 in cash plus 0.3463 Curaleaf subordinate voting shares for each Aurora share, which Curaleaf valued at $4 per Aurora share when it launched the bid. The offer, which is currently set to expire on Dec. 1, 2026, includes a maximum payment cap of $5 per Aurora share.

Asked whether the company remained open to another offer, Martin didn’t say no. He said, “We’re going to always do what’s in the interest of shareholders,” adding that the independent special committee assessed Curaleaf’s proposal, while the company’s board received outside financial and legal advice.

“We’re not ready to announce anything. If that were to happen… the special committee will decide that, and then we would communicate that to shareholders,” Martin added.