Curaleaf launches formal take-over bid for Aurora Cannabis at $4.00/share, 45% premium

Curaleaf Holdings, Inc.

Offer: 0.3463 Curaleaf shares + US$0.75 cash per Aurora share, total ~US$4.00, 45% premium to unaffected price.
Ex-cash premium 110%; based on Aurora's US$109M cash ($1.62/sh) and US$2.75 30-day VWAP.
Offer expires 5:00 pm MT Dec 1, 2026; subject to >50% tender, 66⅔% fully diluted, regulatory approvals.
Identified ≥US$40M annual cost synergies; pro forma market cap >US$3B, LTM revenue >US$1.5B, adj. EBITDA ~US$350M.
Aurora's Special Committee formed Aug 11, 2026 to review; Curaleaf cites Aurora's FY2027 guidance of lower revenue/EBITDA.

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