Curaleaf (TSX: CURA / OTCQX: CURLF) announced a takeover bid for Aurora Cannabis (TSX: ACB / NASDAQ: ACB), in a move that could reshape the competitive landscape of the North American cannabis market.
Under the terms of the offer, Aurora shareholders would receive total implied consideration of approximately US$4.00 per common share.
Curaleaf stated that the offer follows multiple attempts to engage privately with Aurora’s board regarding a transaction designed to maximize shareholder value. According to Curaleaf, those efforts were met with limited engagement, prompting the company to formulate its proposal using only publicly available information and without the benefit of due diligence.
Aurora’s team replied that Curaleaf’s decision to launch a hostile takeover bid is designed to pressure Aurora’s shareholders into a short-term decision for the benefit of Curaleaf shareholders.
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