Curaleaf reaffirms Aurora bid after Alberta securities ruling
ACB•Curaleaf said an Alberta Securities Commission ruling on Aurora Cannabis's at-the-market program did not change its acquisition offer, which implies about US$5 per share, an 86% premium to Aurora's unaffected volume-weighted average. The proposed combination would generate more than US$1.5 billion in last-12-month revenue and at least US$40 million in expected annual cost synergies.
1. Bid terms and ruling
Curaleaf said the Alberta Securities Commission's ruling on Aurora Cannabis's at-the-market program did not change the case for its enhanced offer for all outstanding Aurora common shares. The offer implies approximately US$5 per share, an 86% premium to Aurora's unaffected volume-weighted average.
2. Due diligence and combination
Curaleaf said Aurora continues to exclude it from customary due diligence while granting access to other parties. Aurora confirmed it stopped using its at-the-market program on August 18 and has not used it since, according to Curaleaf's statement. The proposed combination would generate more than US$1.5 billion in last-12-month revenue, with at least US$40 million in expected annual cost synergies.
