Curaleaf Demands Engagement From Aurora Amid Fierce Acquisition Dispute

Curaleaf Holdings Inc. (OTC:CURLF) strongly criticized Aurora Cannabis Inc. (NASDAQ:ACB) after the latter’s board advised shareholders to dismiss an improved acquisition bid on Oct. 14.

Boris Jordan, Curaleaf’s Chairman and CEO, argued that the Aurora board violated its fiduciary duty by excluding the highest bidder.

Jordan said the board grants due diligence access to undisclosed entities while locking out Curaleaf, insisting shareholders deserve factual engagement rather than obstruction.

Disputing Shareholder Value Claims

Curaleaf highlights that it presents the sole binding offer for Aurora, yet faces persistent denial of diligence access.

The company points out the contradiction in Aurora executing confidentiality agreements with other examining parties while shunning a concrete bid.

Analysts at Seaport Research Partners have also questioned Aurora’s strategy of accommodating potential buyers while ignoring Curaleaf.

Furthermore, Curaleaf defends its revised bid, noting it delivers an 86% premium over Aurora’s unaffected 30-day volume-weighted average share price.

Excluding cash, the proposal represents a massive 217% premium. Analysts at ATB Capital Markets called the revised bid favorable, prompting Curaleaf to question how Aurora can deem the $5.00 offer inadequate after limitlessly diluting shares at $2.60 during a July 2026 ATM program.

Financial Multiples and Market Opportunism

To address valuation critiques, Curaleaf clarifies that the implied transaction multiple for Aurora stands at 14.3x 2026 Adjusted EBITDA, above Curaleaf’s own 13.7x multiple.

The company dismisses claims of unfair funding, saying post-closing cash integration is standard acquisition practice.

Curaleaf also accuses Aurora of ignoring a recent 63% drop in Adjusted EBITDA while simultaneously soliciting third-party bids under the exact market conditions it labels as opportunistic.

Questioning Advisor Independence

Finally, Curaleaf challenges Aurora’s demand for detailed synergy disclosures while blocking access to data rooms.

The company urges shareholders to scrutinize the independence of Fort Capital, Aurora’s financial advisor.

Curaleaf says the advisor receives fees contingent on alternative transactions or no deal at all, raising concerns about the lack of a secondary, independent fairness opinion.

ACB/CURLF Price Action: Aurora Cannabis shares were up 0.38% at $4, and Curaleaf shares were down 1.40% at $7.72 at the time of publication on Monday, according to Benzinga Pro data.

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