The biggest hostile takeover battle in legal cannabis history has spilled entirely into public view. Curaleaf's $4-per-share bid for Aurora Cannabis ($ACB), worth about $272 million and open since Aug. 18, is meeting its second formal board rejection, with Curaleaf Chairman and CEO Boris Jordan making the case on X while Aurora CEO Miguel Martin pushed back on LinkedIn. The case for the deal rests on a 45% premium, by Curaleaf's count; what complicates the read-through is that Aurora holds $149 million in cash with no debt while Curaleaf carries roughly $1 billion in debt and lease liabilities.
Where the math gets contested
Jordan's public argument is that Aurora management "never signed an NDA, never discussed price, and never made a counteroffer," framing the rejection as avoidance rather than a legitimate valuation dispute. Curaleaf says the $4 offer equates to a 110% premium once Aurora's cash is backed out, and contends that even the $5 cap on the offer would rank among the richest Canadian cannabis takeover premiums of the past decade.
The ATM data cuts deeper. Aurora sold shares through its at-the-money equity program at an average price of $3.09 last quarter, a figure Curaleaf is using to argue the board's public rejection of a $4 offer is inconsistent with its own capital-raising behavior. Two more pressure points from Curaleaf: Aurora insiders own roughly 1% of the company but would collect about 10% of the deal's value on a change of control, and Aurora's own fiscal 2027 guidance, which Curaleaf cites, calls for revenue falling back to 2025 levels.
The counterargument
Martin urged Aurora shareholders on LinkedIn to focus on value they already own. Aurora's case: a $149 million cash position, a debt-free balance sheet, and a stock that traded above $5 as recently as December, which makes a $4 bid look like a trough offer. Aurora says Curaleaf's premium calculations are inflated.
The asset underneath all of it is Aurora's EU-GMP certified production facilities, which enable cannabis exports into the quickly growing medical markets in Germany, Poland, and the UK. That certification is what the deal is actually about.
On balance, Curaleaf's ATM evidence and the insider payout math are hard to dismiss. Aurora's clean balance sheet and the December trading price create real friction for a below-$5 close. Curaleaf says the $5 cap and the 105-day offer window are both negotiable, contingent on Aurora board engagement that Curaleaf argues has not happened. Aurora says it has been engaging since June. Shareholders have until Dec. 1 to tender.