Aurora Cannabis reviews unsolicited take-over bid launched by Curaleaf
On August 19, 2026, Aurora Cannabis Inc. ("Aurora") confirmed that Curaleaf Holdings, Inc. ("Curaleaf") commenced an unsolicited take-over bid for all of its issued and outstanding common shares at a stated implied consideration of US$4.00 per share, consisting of 0.3463 subordinate voting shares of Curaleaf plus US$0.75 in cash for every share of Aurora held. The offer included a cap of US$5.00 per share on the value of the consideration, a level below the market price at which Aurora shares traded as recently as December 18, 2025.
Aurora’s Board of Directors advised shareholders to take no action on the offer until a formal recommendation had been made. A special committee of independent directors (the "Special Committee") was formed to consider the offer with its advisors.
The offer followed an announcement by Curaleaf on August 11, 2026 of its intention to make the offer. At that time, Aurora confirmed that it received letters from Curaleaf dated June 23, 2026, and July 7, 2026, outlining proposals to acquire the shares of Aurora.
On September 1, 2026, Aurora issued its directors' circular recommending that shareholders reject the bid, following which, on October 5, 2026, Curaleaf amended its offer to US$1.00 in cash plus 0.4013 of a Curaleaf share for each Aurora share. The revised bid represented an implied consideration of US$5.00 per share and extended the offer's expiry.
Separately, Curaleaf challenged Aurora’s at-the-market program (“ATM”), alleging it was an improper defensive tactic, and applied to the Alberta Securities Commission (the “ASC”) for an order prohibiting Aurora from selling shares under the ATM while the hostile bid was outstanding and for ancillary relief relating to the minimum tender condition under the take-over bid rules. Following an oral hearing on October 23, 2026, the ASC dismissed Curaleaf’s application, agreeing with Aurora’s submission that the ATM was not a defensive tactic.
Further information can be found on PR Newswire’s website on August 19, 2026, September 2, 2026, October 5, 2026 and October 14, 2026.
Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. It serves medical markets across Canada, Europe, Australia, and New Zealand with a portfolio of trusted, leading brands including Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf® and Whistler Medical Marijuana Corporation®.
Curaleaf is a leading international provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant. The company and its brands, including Curaleaf, Select, Grassroots, Find, Dark Heart and Anthem provide industry-leading service, product selection and accessibility across the medical and adult use markets.