Curaleaf to Revise Hostile Bid for Aurora Cannabis
The cannabis operator plans a mixed consideration of 0.4013 Curaleaf shares plus $1.00 cash, or US$5.00 a share, as it seeks to address Aurora's objections to its initial offer.
Curaleaf Holdings, Inc. said it intends to file a Notice of Variation and Change to revise its hostile takeover bid for all of the issued and outstanding common shares of Aurora Cannabis Inc. (ACB).
The proposed consideration is 0.4013 subordinate voting shares of Curaleaf plus US$1.00 in cash per Aurora share, for a total of US$5.00 a share. The structure is mixed rather than all-cash or all-stock, pairing a cash component with Curaleaf equity at a fixed exchange ratio.
Aurora shareholders will have until at least December 4, 2026, to consider their options, the revised expiry date of Curaleaf's offer. That date is the near-term clock on the revised approach; the company framed the filing as a step toward a formal revised bid rather than a completed transaction.
Miguel Martin, Executive Chairman and CEO of Aurora, said the announcement is not a formal revised bid and that Aurora has not yet received the materials required to conduct a full and proper evaluation. He said the announcement suggests an intention to address concerns Aurora identified with Curaleaf's initial hostile bid.
Martin said the Special Committee of independent directors will review any formal revised offer once received through the same rigorous, independent, and disciplined process applied previously. He said the Committee's focus remains on determining what is in the best interests of Aurora and Aurora shareholders, and that the Board will communicate its recommendation once that review is complete.
The company did not state a premium against a prior reference price in the materials provided. It also did not disclose an expected close beyond the December 4, 2026, offer expiry or any conditions to the revised bid.
The strategic rationale given is the planned Notice of Variation and Change to the existing hostile takeover bid. Until a formal revised offer and the accompanying materials arrive, Aurora's Special Committee has said it will not complete its evaluation, and the Board's recommendation remains pending that review.