Aurora Cannabis Inc. (NASDAQ: ACB) is urging shareholders to take no action on an unsolicited takeover bid from Curaleaf Holdings, Inc., which has offered an implied consideration of $4.00 per Aurora share.

The offer consists of 0.3463 subordinate voting shares of Curaleaf plus $0.75 in cash per Aurora share, with a cap on total consideration of $5.00 per share. Aurora noted that the cap represents a lower price than where its shares traded as recently as December 18, 2025.

Curaleaf announced its intention to make an offer on August 11, 2026, following letters sent to Aurora dated June 23, 2026, and July 7, 2026. Aurora said the June letter contained no proposed financial terms, and the July letter included no detail on the mix of cash and share consideration. Aurora confirmed it has been in dialogue with Curaleaf since June 22, 2026, most recently on August 12, 2026.

Miguel Martin, Executive Chairman and CEO of Aurora, said in a statement that Curaleaf's decision to make its offer public was designed "to pressure our shareholders into making a short-term decision for the benefit of Curaleaf shareholders."

Aurora's board has formed a special committee of independent directors to evaluate the offer. The committee's legal counsel is Torys LLP, while Stikeman Elliott LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP serve as counsel to the company. Fort Capital Partners is acting as financial advisor. The board is expected to issue a formal recommendation through a directors' circular within 15 days, in accordance with applicable securities laws.

The offer is set to remain open for a minimum of 105 days, giving Aurora shareholders until at least December 1, 2026, to consider their options.