Curaleaf’s hostile bid for Aurora Cannabis has reached its most tense stage. On 14 October, Aurora’s board again told shareholders to reject it, and on 19 October Curaleaf hit back, accusing the board of blocking talks. The offer stays open until 4 December 2026, and the outcome will shape two of the most important players in European medical cannabis.
What is on the table
The original offer was filed on 18 August and improved on 6 October: US$1 in cash plus 0.4013 Curaleaf shares for each Aurora share, worth US$5 per share at the 2 October close. According to Curaleaf, that is an 86% premium to Aurora’s unaffected 30-day volume-weighted average price, and 217% once Aurora’s cash is excluded. Curaleaf also points out that Aurora sold shares in July at US$2.60 through its at-the-market programme.
Curaleaf says the price implies 14.3 times Aurora’s 2026 adjusted EBITDA, against the 13.7 times at which Curaleaf itself trades, and argues that Aurora’s adjusted EBITDA fell 63% over the last two quarters. These are Curaleaf’s own figures, published in its 19 October release filed with the SEC.
Why Aurora’s board says no
In its official response, the board, unanimously and on the recommendation of an independent special committee, calls the offer inadequate. Its arguments: a significant part of the cash would come from Aurora’s own balance sheet, as a debt-free company; the share component is overvalued and leaves shareholders exposed to a fall in Curaleaf’s price; and the synergies claimed have not been supported. Aurora has signed confidentiality and standstill agreements with several parties and is reviewing alternatives, from a deal with a third party to staying independent.
Curaleaf replies that it is being denied the due diligence access granted to other potential buyers, and wants in so it can refine, or even increase, its synergy estimate.
The European angle
This is not just a Canadian fight. Aurora sells into medical markets in Canada, Europe, Australia and New Zealand, and runs GMP-certified facilities in Canada and Germany. Curaleaf, through Curaleaf International, runs a distribution network across Europe, Canada and Australasia. In Spain it was the first, and so far the only, company to complete registration of standardised preparations with the AEMPS, with CAN-1 and CAN-2 registered in July, just as hospital dispensing gets under way.
The wider context explains the interest. An ATB Cormark survey of 17 institutional investors, reported by Business of Cannabis, found that 56.3% of US-focused investors now rank M&A among their top two capital priorities, up from 24% in the spring. 47.1% think large US operators should enter international medical markets. The sample is small, but the direction is clear: North American capital is looking at Europe.
What it means for the industry
- Suppliers and distributors: a merger would concentrate purchasing, EU-GMP certification and logistics in fewer hands. Contracts with change-of-control clauses are worth reviewing.
- Licensed European producers: if synergies are sought in supply, Aurora’s own GMP capacity in Germany will weigh on volume negotiations.
- Pharmacies and hospitals: in markets with few registered suppliers, such as Spain, one group’s strategy can determine product availability.
- Investors and buyers: if Aurora finds a third party, the sector will get a new valuation benchmark for medical assets with a European footprint.
Spannabis B2B Bilbao 2027
Consolidation in the European medical market will be one of the talking points at Spannabis B2B Bilbao 2027, on 11 March in the VIP Room of the BEC. If your company produces, distributes or invests in this market, get your ticket or book a B2B table to meet the operators who are on the move.