Business
Curaleaf sweetens its Aurora offer by 25 percent, and Aurora still isn't opening the books
The raised bid is 0.4013 Curaleaf shares plus US$1 cash per Aurora share, with the deadline pushed to December 4.
By The Crushed Desk · yesterday · 4 min read
Photo: The Marijuana Herald
Curaleaf has raised its unsolicited offer for Aurora Cannabis by 25 percent to a nominal US$5 per Aurora share. Holders would get 0.4013 Curaleaf shares plus US$1 in cash, up a third from the earlier cash component, and the value cap rises from US$5 to US$6.
The offer deadline moves from December 1 to December 4. Curaleaf says Aurora keeps declining its requests for customary due diligence access, so the board has so far shown no sign of engaging.
Curaleaf's pitch is a combined company in 17 countries with over US$1.5 billion in trailing revenue and close to US$350 million in adjusted EBITDA. CEO Boris Jordan said the higher bid reflects shareholder input.
This is the latest step in a hostile pursuit that began in August. A bump without access to the books usually signals pressure on shareholders rather than a deal in hand, so watch whether Aurora's investors push the board to talk.
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