Aurora Cannabis Inc. (NASDAQ: ACB) said its board is advising shareholders to take no action on a hostile takeover bid from Curaleaf Holdings, Inc., as Curaleaf has not yet filed a formal Notice of Variation and Change to revise its offer.

Curaleaf has stated its intention to revise its bid to US$5.00 per Aurora share, consisting of 0.4013 subordinate voting shares of Curaleaf plus US$1.00 in cash per share. Aurora said its Special Committee of independent directors will conduct a review once the formal revised offer is received and will issue a recommendation within 15 days, as required by securities laws.

Miguel Martin, Executive Chairman and CEO of Aurora, said, "Today's announcement by Curaleaf is not a formal revised bid, and Aurora has not yet received the materials required to conduct a full and proper evaluation."

Aurora said its earlier application to the Alberta Securities Commission produced results for shareholders. Curaleaf has agreed to amend its bid circular to include required pro forma financial statements and to extend the offer expiry to 11:59 p.m. Mountain Time on December 4, 2026. Aurora's application had identified the absence of those financials and a non-compliant deposit period as deficiencies in Curaleaf's original circular.

Aurora shareholders have until at least December 4, 2026, to consider their options under the revised offer timeline. The board's initial recommendation to take no action was first issued on September 2, 2026.