Curaleaf and Aurora's Hostile Takeover Battle Escalates Over Valuations and Control

Curaleaf Holdings' unsolicited takeover bid for Aurora Cannabis has turned into a public fight over valuation, control, and legal process. Aurora's board rejected the offer on September 2, arguing it undervalues the company by up to 76%. Both sides have traded accusations on social media and in shareholder circulars, while Aurora also claims the bid fails to meet Canadian securities law requirements.

Curaleaf Holdings' takeover bid for Canadian rival Aurora Cannabis has escalated into a public dispute over financial projections, control of the combined entity, and whether the bid can legally close. Aurora's board voted unanimously to reject the offer on September 2, and Curaleaf responded the same day.

The process began with a virtual meeting between Aurora CEO Miguel Martin and Curaleaf CEO Boris Jordan on June 22. Curaleaf followed with an unpriced exclusivity request, then a non-binding proposal of approximately US$4.00 per share with a five-day ultimatum. Aurora rejected both, and Curaleaf went public with its intention on August 11, adding a US$5.00 cap.

Aurora's financial advisor, Fort Capital, concluded the offer was underpriced. Aurora's own analysis argues the bid sits 63% below its Canadian licensed-producer peer group on 2026 estimated revenue and 23% below on estimated EBITDA, after applying a 35% change-of-control premium. Aurora estimates a fair value of US$7.03 per share, 76% above the bid's base.

The dispute has also focused on shareholder control. Boris Jordan holds an 18% economic interest in Curaleaf but controls 69% of votes through multi-voting shares. Aurora argues its shareholders would hold only 7.7% of the combined company's equity and 3.2% of its votes if the deal proceeds.

Aurora's circular also lists structural defects in the bid. It claims Curaleaf's stated expiry of December 1 falls short of the 105-day minimum under Canadian securities law, that no French-language notice was published as required in Quebec, and that shareholders in 29 US states would receive only cash proceeds from a forced sale rather than Curaleaf shares.

The takeover is widely seen as a play for European dominance. Aurora's European medical revenue grew from C$41.0 million in fiscal 2024 to C$131.8 million in fiscal 2026, and it operates four EU-GMP-certified cultivation facilities. Curaleaf has said only about 20% of its international supply comes from its own facilities, and acquiring Aurora would help it reach its target of 50% to 75% internal supply.

Curaleaf's bid remains open until at least December 1, 2026, and Aurora is reportedly exploring alternative offers from unnamed third parties.