--- title: Curaleaf Is Going Hostile for Aurora Cannabis at US$4 a Share description: Curaleaf plans an unsolicited take-over bid for Aurora Cannabis at US$4.00 a share, capped at US$5.00. Aurora's board is forming a special committee. author: Darie Nani (Editor-in-Chief) updated: 2026-08-11T21:43:09.225Z canonical: https://www.sovereignmagazine.com/article/curaleaf-hostile-bid-aurora-cannabis image: https://cdn.nanimediahouse.com/curaleaf-aurora-takeover-bid-141404.webp categories: Markets content_type: News region: Global publication: Sovereign Magazine schema_type: Article --- Curaleaf Holdings said on 11 August that it intends to launch an unsolicited take-over bid for all of Aurora Cannabis, offering US$4.00 a share in cash and stock for a company that never asked to be bought. Aurora's board replied the same day. It is forming a special committee of independent directors to weigh the proposal, and it wants shareholders to notice that the offer carries a ceiling of US$5.00 a share, below where Aurora stock traded as recently as 18 December 2025. ## The Offer Is 0.3463 Curaleaf Shares Plus US$0.75 in Cash Curaleaf, which is based in Stamford, Connecticut and trades on the TSX and OTCQX, would pay for each Aurora share with 0.3463 of its own subordinate voting shares plus US$0.75 in cash. Measured against Aurora's 30-day volume weighted average price of US$2.75, Curaleaf puts that at a [45% premium](https://ir.curaleaf.com/2026-08-11-Curaleaf-Announces-Intention-to-Launch-Take-Over-Bid-for-Aurora-Cannabis-to-Solidify-its-Position-as-the-Global-Cannabis-Industry-Leader). Strip out the cash and cash equivalents on Aurora's balance sheet, the company says, and the premium reads as 110%. The structure has a limit built into it. If Curaleaf shares rise sharply before the offer is taken up, the consideration is capped at US$5.00 an Aurora share, measured on the 20-day volume weighted average price of Curaleaf stock, and Curaleaf would cut the number of its own shares in the mix to hold that line. Curaleaf presents the cap as generous, an 82% premium over the 30-day average, or 197% once Aurora's cash is set aside. Aurora's board reads the same figure differently, saying US$5.00 is a lower price than its shares have traded at as recently as last December. ## Both Sides Want the Same European Capacity What Curaleaf says it is buying is manufacturing. It wants Aurora's EU-GMP cultivation and manufacturing capacity next to its own EU-GMP processing and international distribution, a combination it says would lift margins and get products to patients faster across Europe, Canada, Australia and New Zealand. Aurora does not dispute the value of those assets. Its statement points to the same capacity, notes that Curaleaf itself called it highly strategic, and says the company is looking at ways to expand it further alongside its recently completed acquisition of the Safari Flower Company. > "We believe this combination represents a win-win for Curaleaf and Aurora shareholders." > — Boris Jordan, Chairman and Chief Executive Officer, Curaleaf ## Nothing Has Actually Been Filed Yet For all the numbers, no bid exists. Curaleaf's own release says that no formal take-over bid has been commenced and that there is no assurance the proposed offer will ultimately be made, and it asks Aurora's board to enter good-faith talks. Aurora says the approach arrived in two letters, dated 23 June and 7 July, and that only the second carried financial terms, without setting out how much of the consideration would be cash and how much stock. It also rejects the suggestion that it stonewalled: its lead independent director wrote to Curaleaf's chief executive on 24 July, saying Aurora was concentrating on its own plan for the short to medium term while leaving the door open to further talks. The special committee has yet to reach a decision. ## FAQ **Q: What is Curaleaf offering for each Aurora share?** Total implied consideration of US$4.00, made up of 0.3463 Curaleaf subordinate voting shares plus US$0.75 in cash. **Q: What does the US$5.00 cap mean for Aurora shareholders?** If Curaleaf's own shares rise sharply before the offer is taken up, the value of the consideration stops at US$5.00 an Aurora share, with the number of Curaleaf shares cut to match. Aurora's board notes that US$5.00 is below where its shares traded on 18 December 2025. **Q: Has a formal take-over bid actually been launched?** No. Curaleaf's release states that no formal take-over bid has been commenced and that there is no assurance the offer will ultimately be made. **Q: What has Aurora's board decided?** Nothing yet. It intends to form a special committee of independent directors to consider the proposal.