Curaleaf has increased its offer to acquire Aurora Cannabis, raising the implied consideration by 25% to $5 per Aurora share as it continues pursuing a combination of the two cannabis companies.
Under the enhanced proposal, Aurora shareholders would receive 0.4013 Curaleaf subordinate voting shares plus $1 in cash for each Aurora share.
Based on Curaleaf’s U.S. dollar-equivalent closing share price on October 2, 2026, the package implies $5 of total consideration per Aurora share.
The revised offer increases the cash component by 33% to $1 per share, representing approximately 20% of the consideration mix.
Curaleaf also raised the maximum consideration per Aurora share from $5 to $6.
The company said the $5 implied offer represents an 86% premium to Aurora’s unaffected 30-day volume-weighted average share price of $2.75 as of August 10, 2026.
Excluding Aurora’s cash and cash equivalents, including subsequent equity issuances under its at-the-market program, Curaleaf calculates the premium at 217% to Aurora’s ex-cash unaffected share price.
The $6 cap price would represent a 118% premium to the unaffected share price and a 295% premium on an ex-cash basis, according to Curaleaf.
Curaleaf developed the enhanced proposal based entirely on publicly available information and said Aurora has not provided access to customary due diligence.
The company continues to seek engagement with Aurora’s board.
Curaleaf estimates a combination would create a cannabis company operating across 17 countries with more than $1.5 billion of last-12-month revenue and nearly $350 million of last-12-month adjusted EBITDA.
The company also expects at least $40 million in annual cost synergies.
The combined business would have a pro forma market capitalization exceeding $3 billion based on the figures provided by Curaleaf.
Curaleaf plans to extend the expiration of its offer from December 1, 2026, at 5 p.m. Mountain Time to December 4, 2026, at 11:59 p.m. Mountain Time.
KEY QUOTES:
“Over the past several weeks, we have met with a significant percentage of Aurora’s shareholder base, all of whom are supportive of the strategic rationale for the deal. This increased offer reflects careful consideration and shareholder input, demonstrating our continued commitment to reaching a successful outcome.
Importantly, we are enhancing our proposal despite Aurora’s refusal to engage and provide access to customary due diligence. We view this as a significant good-faith step that demonstrates our conviction in the merits of a combination and the value creation opportunity it represents.
We have demonstrated our willingness to act in the best interest of shareholders. While this is not how we would expect to engage in a sale process, we are prepared to act because we believe strongly in the value creation opportunity. Importantly, if Aurora is providing diligence access to other parties, shareholders deserve a fair and open process that includes Curaleaf.”
Boris Jordan, Chairman and Chief Executive Officer of Curaleaf
