M&A
confidence high
sentiment positive
materiality 0.80
Curaleaf fact sheet defends 45% premium offer for Aurora, rebuts criticisms
Curaleaf Holdings, Inc.
- Offer represents 45% premium (~110% ex-cash); US$5.00 cap in 92nd percentile of Canadian M&A premiums.
- Aurora booked ~C$5B impairments, ~C$130M transformation costs, negative op cash flow >C$480M since FY21; ACB down 97% under CEO.
- Curaleaf generated $447M positive op cash flow since F21 and ~$500M insider investment; >13x Aurora's market cap.
- Cash portion ~19% of US$4.00 offer; Aurora raised >US$400M via ATM since Sept 2020, diluting shareholders.
- Aurora never discussed price, rejected without counteroffer; Curaleaf says board can shorten 105-day bid to 35 days.