Curaleaf Raises Aurora Cannabis Takeover Bid to $5 a Share

Curaleaf Holdings Inc. has raised its unsolicited acquisition proposal for Aurora Cannabis Inc. to $5.00 per share, increasing both the cash and stock components while proceeding without access to customary due diligence.

"We are enhancing our proposal despite Aurora’s refusal to engage and provide access to customary due diligence," said Boris Jordan, Chairman and Chief Executive Officer of Curaleaf, in a statement regarding the revised terms.

Transaction Terms and Premium Valuation

The revised transaction consists of 0.4013 Curaleaf shares alongside $1.00 in cash for each Aurora share, calculated using Curaleaf’s closing price of C$14.21 on October 2, according to an Investing.com report. This adjustment lifts the maximum consideration per Aurora share from $5.00 to $6.00, pushing the cash portion up by 33% to represent roughly 20% of the overall consideration mix.

According to the Investing.com coverage, the $5.00 per share baseline offer values Aurora at an 86% premium compared to its 30-day volume weighted average price of $2.75 as of August 10, the session prior to the initial takeover announcement.

Regulatory Filings and Timeline

To formalize the updated terms, Curaleaf announced plans to file a Notice of Variation, Change and Extension with Canadian securities regulators. Simultaneously, the company will submit a new Form F-80 Registration Statement with the U.S. Securities and Exchange Commission.

These regulatory steps extend the offer expiry window. The tender offer is now scheduled to expire at 11:59 p.m. Mountain Time on December 4, 2026, giving shareholders additional time to evaluate the sweetened terms.

Cross-Border Industry Consolidation

Cross-border mergers and acquisitions in the legal cannabis sector face complex regulatory frameworks in both Canada and the United States, alongside shifting federal scheduling rules. Hostile takeover attempts remain relatively rare in the industry, making Curaleaf's persistent pursuit of Aurora a notable test of cross-border corporate strategy as multi-state operators seek scale in North American markets.