Curaleaf’s Takeover Bid Pushes ACB Stock To Hit Its Biggest Single-Day Rally In Nearly 11 Months

• Curaleaf said it approached Aurora’s board on June 23 and followed up on July 7, but they were ‘unwilling to engage in constructive discussions.’
• Curaleaf said the combination would create a cannabis business operating across 17 countries.
• The acquirer expects at least $40 million in annual cost savings.

Curaleaf Holdings (CURLF) unveiled a $4-per-share takeover proposal for Aurora Cannabis (ACB) on Tuesday, taking the offer directly to shareholders after Aurora’s board declined to engage in negotiations.

The proposed cash-and-stock offer represents a 45% premium to Aurora’s 30-day volume-weighted average price of $2.75, though it is marginally lower than Monday’s closing price.

At the time of writing, CURLF shares were trading 3% higher while the U.S.-listed ACB shares surged over 20%, marking their biggest single-day rally since September 2025.

Aurora Shareholders To Receive 0.3463 Curaleaf Shares And $0.75 In Cash Per Share

Under the proposed offer, Aurora shareholders would receive 0.3463 Curaleaf shares and $0.75 in cash for each share they own. If Curaleaf’s stock rises substantially before the transaction is completed, the offer value would be capped at $5 per Aurora share. Curaleaf would adjust the number of shares issued to keep the total consideration at that level.

However, Curaleaf has not formally launched a takeover bid, and there is no guarantee that an offer or transaction will ultimately move forward, it said.

Curaleaf Says Aurora’s Board Unwilling To Hold Constructive Discussions

Curaleaf said it first approached Aurora privately on June 23, 2026, with a formal letter outlining the proposal. It followed up with another letter on July 7.

“To date, Aurora has been unwilling to engage in constructive discussions,” Curaleaf’s statement read.

“We approached Aurora privately and constructively on multiple occasion. We were very disappointed that the Board refused to meaningfully engage. We will now take our proposal directly to Aurora shareholders because the premium is significant, the strategic rationale is compelling, and further delay is unjustified,” CEO Boris Jordan said.

Why Curaleaf Is Interested In Aurora Cannabis

Curaleaf said the combination would create a cannabis business operating across 17 countries, with more than $1.5 billion in trailing 12-month revenue and nearly $350 million in adjusted earnings before interest, tax, depreciation and amortization (EBITDA).

The deal would combine Aurora’s international medical cannabis operations and European-certified cultivation capacity with Curaleaf’s processing, distribution, pharmacy and clinic networks. Aurora shareholders would also gain exposure to the U.S. cannabis market.

Curaleaf expects at least $40 million in annual cost savings and says the combined company could have a market capitalization of nearly $3 billion.

Aurora has also been facing headwinds, with June-quarter revenue declining while its shares have fallen more than 18% since the beginning of 2026 and over 32% over the past year.

ACB Retail Investors Want A Bigger Offer

Retail sentiment surrounding CURLF on Stocktwits remained ‘bullish’ over the past 24 hours, amid ‘high’ message volumes, while sentiment for ACB trended in the ‘extremely bullish’ zone.

One user on Stocktwits feels Curaleaf’s offer should be higher, expecting it to be at least $6 per share.

Another user expressed skepticism about the offer.

Curaleaf shares have gained over 22% so far this year.

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