Aurora Cannabis board rejects Curaleaf's unsolicited takeover bid

Aurora Cannabis Inc. (NASDAQ: ACB) has unanimously recommended that shareholders reject an unsolicited takeover bid from Curaleaf Holdings Inc., filing a Directors' Circular advising shareholders to take no action and not tender their shares.

Aurora's board, acting on the unanimous recommendation of a special committee of independent directors and after receiving advice from external financial and legal advisors, concluded the bid is not in the best interests of Aurora or its shareholders. The board also urged any shareholders who have already tendered their shares to withdraw them.

Aurora CEO and Executive Chairman Miguel Martin said in a statement that "Curaleaf has over $1 billion in debt and is asking shareholders to give up ownership of a stronger, debt-free and growing global medical cannabis company in exchange for an offer with intentionally limited upside."

Aurora reported approximately $149 million in cash as of June 30, 2026, and said it carries no debt. Curaleaf's debt stood at over $1 billion as of the same date, according to financial statements filed August 5, 2026.

The company stated that under the proposed deal, Aurora shareholders would own approximately 7.7% of the combined company but hold only approximately 3.2% of the votes, due to Curaleaf's multi-voting share structure.

TD Securities Inc. was cited in the press release as stating in August 2026 that it believes "the bid undervalues Aurora and does not adequately reflect its medical cannabis leadership, balance sheet flexibility, international expertise, or long-term growth potential."

Aurora's board received a written fairness opinion from its financial advisor dated September 1, 2026, the full text of which is included in the Directors' Circular filed on SEDAR+ and EDGAR.

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