Curaleaf Disputes Aurora's Refusal of Its Upgraded Takeover Bid

what happened

Curaleaf Holdings responded on October 19, 2026 to a Notice of Change that Aurora Cannabis filed alongside its directors' circular of October 14. Aurora's board again urged shareholders to turn down Curaleaf's improved offer, according to a release published by TradingView.

Curaleaf says Aurora has kept it away from confidential company data while other parties have received access under confidentiality and standstill agreements. The bidder argues its improved proposal is priced 86% above Aurora's 30-day average share price before the bid, rising to 217% once Aurora's cash is excluded from the valuation. It also points out that Aurora sold shares under an at-the-market program at prices as low as $2.60 in July 2026.

why it matters

The dispute centers on valuation and transparency in a takeover of a Canadian cannabis producer. Curaleaf compares its own 13.7x multiple (IFRS) with an implied 14.3x 2026 Adjusted EBITDA multiple for Aurora, and says Aurora's Adjusted EBITDA fell 63% across the last two quarters. Investors will watch whether Aurora's board opens diligence and whether talks resume.

market impact

Aurora Cannabis and Curaleaf: the outcome of the hostile bid will set valuations for both companies and sentiment across Canadian cannabis

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