Aurora and Curaleaf Continue Sniping As Hostile Bid Heats Up

Aurora and Curaleaf Continue Sniping As Hostile Bid Heats Up

Wed, September 9, 2026 at 5:22 PM GMT+3 2 min read

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The biggest takeover battle in the legal cannabis industry's relatively short history is spilling out into the public as both Curaleaf and Aurora continue to trade barbs.

Fresh off the long weekend, Curaleaf published a "myth vs. fact" sheet Tuesday, its second rebuttal to Aurora's Sept. 2 directors' circular urging shareholders to reject Curaleaf's hostile $4 per share offer.

The bid, worth about $272 million, has been open since Aug. 18 and expires Dec. 1.

"$ACB management would rather attack our offer with misleading narratives than explain their own record," said Curaleaf Chairman and CEO Boris Jordan on X, adding that Aurora "never signed an NDA, never discussed price, and never made a counteroffer."

Aurora CEO Miguel Martin also took to social media to fire back.

"We are urging shareholders to focus on the value they already own," Martin said on LinkedIn. "Aurora's momentum is being realized today, and shareholders should keep the benefit of that value and future potential."

Aurora's case rests on $149 million in cash and no debt against Curaleaf's roughly $1 billion in debt and lease liabilities.

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Curaleaf's case is that Aurora kept selling shares through its ATM at an average of $3.09 last quarter while calling $4 too low. Both sides are now arguing about who's diluting whom.

Curaleaf says its $4 offer is a 45% premium, or 110% once you back out Aurora's cash, and that even the $5 cap would rank among the richest Canadian takeover premiums of the past decade.

Aurora says the math is inflated and points out its stock traded above $5 as recently as December. Curaleaf's sharper jab is that Aurora insiders own about 1% of the company but stand to collect roughly 10% of the deal value on a change of control, and that management's own fiscal 2027 guidance calls for revenue sliding back to 2025 levels.

But the real heart of the proposed deal is Aurora's EU-GMP certified facilities, which are able to export cannabis to the quickly growing medical markets in Europe, including Germany, Poland, and the UK.

Aurora shareholders have until Dec. 1 to tender. Curaleaf says the $5 cap and the 105-day window are both negotiable if Aurora's board engages, which Aurora says it has been doing since June.

Clearly, Curaleaf disagrees with what constitutes "engagement." The battle continues.