Curaleaf Announces a Takeover Bid for Aurora Cannabis

Curaleaf announced on August 11, 2026, its intention to launch a tender offer for all of the shares of Aurora Cannabis, as part of a deal that could bring together two major players in the international market.

The proposal values each Aurora share at 4 U.S. dollars. It consists of 0.3463 Curaleaf shares and $0.75 in cash. Based on the volume-weighted average price (VWAP) for Aurora over 30 days, set at $2.75, the offer represents a premium of 45%.

Curaleaf, however, has provided for a cap mechanism. If its own stock price rises significantly before the transaction is finalized, the value of the consideration offered for each Aurora share may not exceed $5. According to Curaleaf, this cap would represent a premium of 82% relative to Aurora’s 30-day VWAP.

The announcement was quickly met with a positive market reaction: the stock Aurora Cannabis was up 15% in pre-market trading this Tuesday morning.

Curaleaf Wants to Communicate Directly with Shareholders

The move comes at a time when the two companies have not yet managed to begin substantive negotiations. Boris Jordan, president and CEO of Curaleaf, says he sent an initial letter to Aurora’s management on June 23, followed by a second letter on July 7.

«We have contacted Aurora on several occasions, in a confidential and constructive manner,» Mr. Jordan continued. «We were very disappointed that the board of directors refused to engage meaningfully. We will now present our proposal directly to Aurora’s shareholders, as the premium is substantial, the strategic rationale is compelling, and any further delay is unwarranted. Curaleaf remains open to constructive dialogue with Aurora’s board of directors to move this value-maximizing transaction forward, and we are prepared to act quickly to reach a definitive agreement.»

At this stage, however, a formal offer has not yet been made. Curaleaf notes that it may ultimately decide not to proceed with the transaction, particularly if it uncovers adverse information regarding Aurora or if Aurora implements certain defensive measures.

Complementary capabilities on the international stage

For Curaleaf, the value of the transaction lies in particular in the complementary nature of the two groups' infrastructure. Aurora Cannabis has EU-GMP-certified cultivation and manufacturing capabilities, while Curaleaf has an international distribution platform and several processing facilities that also meet these standards.

The merger would create a group with a presence in 17 countries, with operations spanning Europe and North America, among other regions. Curaleaf estimates that the combined entity would exceed $1.5 billion in revenue over the past twelve months and is estimated to be close to $350 million in adjusted EBITDA.

The company also expects at least $40 million in annual savings thanks to synergies between the two companies. Access to Aurora’s production capacity—estimated by Curaleaf at more than 50 metric tons per year—would complement, in particular, the EU-GMP facilities operated by Curaleaf in Portugal, Spain, and Canada.

An operation that is still far from being a done deal

The project must now go through several regulatory and financial steps before it can move forward. In particular, a formal offer must be submitted to Canadian and U.S. authorities, along with the official supporting documentation.

Once launched, the offer is expected to remain open for 105 days, unless its timeline changes. Curaleaf states that it would not be subject to financing or due diligence conditions, but several other conditions must be met.