TLDR
- Curaleaf Holdings announced plans to acquire Aurora Cannabis at US$4.00 per share
- The offer is a 45% premium over Aurora’s 30-day volume weighted average price of US$2.75
- The deal is structured as 0.3463 Curaleaf shares plus US$0.75 cash per Aurora share
- Aurora’s stock jumped 18% after the announcement; ACB was trading around $4.76
- Curaleaf had privately approached Aurora on June 23 and July 7, 2026, but Aurora declined to engage
Curaleaf Holdings has gone public with a takeover bid for Aurora Cannabis, offering US$4.00 per share after Aurora’s board refused to engage in private discussions.
The offer landed on Tuesday and sent ACB stock up more than 18% in trading, hitting $4.76. Pre-market trading had already shown a 15% jump before markets opened.
The deal structure is 0.3463 Curaleaf subordinate voting shares plus US$0.75 in cash for each Aurora share. That combination values Aurora at $4.00 per share based on recent pricing.
We intend to acquire Aurora Cannabis. It’s a win-win for all. For $ACB shareholders, the transaction provides a 45% premium over the 30-day VWAP and upside in the strongest global cannabis company. For $CURLF shareholders, the transaction bolsters the supply chain, is immediately…
— Curaleaf (@Curaleaf_Inc) August 11, 2026
The bid carries a 45% premium over Aurora’s 30-day volume weighted average price of US$2.75. It also represents a 38% premium to Aurora’s closing price on Monday.
There is a cap on the share portion. If Curaleaf’s stock rises sharply before the deal closes, the share consideration will be capped so the total does not exceed US$5.00 per Aurora share, based on Curaleaf’s 20-day VWAP.
Curaleaf says it first reached out to Aurora’s leadership on June 23, 2026, and again on July 7, 2026. Both times, Aurora declined to engage.
Curaleaf CEO Boris Jordan addressed the situation directly. “We approached Aurora privately and constructively on multiple occasions,” Jordan said. “We were very disappointed that the Board refused to meaningfully engage.”
Jordan added that the company would now take the proposal straight to Aurora shareholders, calling the premium “compelling” and any further delay “unjustified.”
Combined Company Financials
The combined business would post more than US$1.5 billion in last twelve months revenue and nearly US$350 million in adjusted EBITDA over the same period.
Curaleaf expects at least US$40 million in annual cost synergies from the deal.
Conditions and Timeline
No formal takeover bid has been filed yet. Curaleaf made clear there is no guarantee the offer will actually be made.
The company could walk away if it finds material adverse information about Aurora during review, if Aurora uses defensive tactics, or if Aurora completes other transactions.
If launched, the offer would remain open for 105 days. It would not be subject to due diligence or financing conditions, which removes two common deal-breaker risks.
Full offer documents will be filed with Canadian securities regulators and the U.S. Securities and Exchange Commission once the formal bid begins.
Canaccord Genuity is acting as Curaleaf’s financial advisor on the deal. Dentons is serving as legal counsel.
ACB was trading at $4.76, up $0.73, or 18.11%, on the day.
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