Curaleaf issues fact sheet defending bid to buy Aurora Cannabis
Process dispute
Curaleaf says Aurora did not sign a confidentiality agreement or discuss price before rejecting the approach.
Premium and financing arguments
Curaleaf argues Aurora has continued issuing shares via an at-the-market program at prices below the offer’s implied value.
The proposal includes a US$ 5 cap price; Curaleaf cites an implied premium in the 92nd percentile of Canadian M&A.
Curaleaf defends Aurora Cannabis offer
Curaleaf is pursuing an acquisition of Aurora Cannabis, issuing a fact sheet disputing Aurora’s criticism of the proposal.
The offer implies a 45% premium; excluding Aurora cash, Curaleaf puts the premium at 110%.
