The current situation follows an application by Aurora to the Alberta Securities Commission, which successfully pressured Curaleaf to address significant deficiencies in its initial hostile bid. Curaleaf’s updated proposal suggests an implied consideration of US$5.00 per share, comprised of 0.4013 subordinate voting shares and US$1.00 in cash. However, Miguel Martin, Executive Chairman and CEO of Aurora, confirmed that the company has not received the necessary materials to evaluate the revised terms properly.
Aurora Cannabis Urges Shareholders to Wait on Curaleaf Bid
Aurora Cannabis is advising its shareholders to refrain from taking action on Curaleaf’s latest takeover attempt, as the formal offer has yet to be filed. The company maintains that it requires official documentation to conduct a rigorous review before issuing a recommendation to its investors.
Aurora’s Special Committee of independent directors intends to scrutinize the eventual filing to ensure it aligns with the best interests of shareholders. In response to the regulatory intervention, Curaleaf has agreed to provide pro forma financial statements and extend the bid’s expiry date to December 4, 2026. Until the board completes its formal assessment and releases its official position, shareholders are instructed to hold off on any decisions.
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