M And A
Curaleaf's Unsolicited Aurora Bid Targets Europe's Medical Cannabis Leadership
A US$236 million hostile offer would combine two of the continent's largest medical cannabis operators, but Aurora's board is not yet convinced.
Curaleaf Holdings announced an unsolicited takeover bid for Aurora Cannabis at US$4.00 per share, valuing the deal at roughly US$236 million. The move aims to consolidate leading positions in Germany, Poland, and the UK, but Aurora has formed a special committee to review the offer, and analysts say the price may undervalue Aurora's medical cannabis franchise.
Curaleaf Holdings has launched an unsolicited takeover bid for rival Aurora Cannabis, a move that would reshape the European medical cannabis landscape. On August 11, Curaleaf informed investors of its intention to offer US$4.00 per share for all issued and outstanding Aurora shares, a proposal Chairman and CEO Boris Jordan called a 'win-win' for both sets of shareholders.
Aurora responded within hours, disputing Curaleaf's account of their private discussions and confirming that its board would form a special committee of independent directors to evaluate the proposal. The offer combines 0.3463 of a Curaleaf share and US$0.75 in cash for each Aurora share, representing a 45% premium to Aurora's 30-day volume-weighted average price of US$2.75. Excluding cash on Aurora's balance sheet, Curaleaf calculates the premium at 110%.
Based on 58.9 million Aurora shares outstanding as of March 31, 2026, the bid values Aurora at approximately US$236 million on a basic-share basis. That figure is modest compared with earlier industry deals: Aphria's 2020 merger with Tilray was worth roughly US$3.9 billion, and Aurora's own 2018 purchase of MedReleaf was reported at between US$2.5 billion and US$3.2 billion. It is also the first hostile approach by a leading cannabis company since Green Growth Brands' failed 2019 bid for Aphria.
The strategic logic centres on Europe, where medical cannabis sales are forecast by Prohibition Partners to more than double by 2028. Aurora has pivoted almost entirely to international medical cannabis, with medical operations accounting for 90% of full-year revenue. The company holds the number one market share position in Poland, operates EU-GMP certified manufacturing through its Pedanios unit in Germany, and has secured EU Community Plant Variety Rights for two proprietary strains.
Curaleaf's international arm posted US$172.5 million in revenue for 2025, up 63% year-on-year, driven by its position as Germany's largest single flower supplier and its UK clinic network. Jordan said the combination would unlock at least US$40 million in annual cost and revenue synergies, creating a pro forma company with trailing 12-month revenue of US$1.5 billion and adjusted EBITDA of US$350 million across 17 countries.
Aurora's shares rose 22% to US$3.48 on the day of the announcement and added a further 9.61% the following session to US$3.82, still below the US$4.00 offer price. Analysts at TD Cowen wrote that the offer 'does not fully capture Aurora's long-term intrinsic value,' citing its medical cannabis leadership and genetics portfolio. Aurora's special committee review is the next milestone to watch.