Curaleaf Holdings said its Oct. 6 enhanced offer to acquire all outstanding shares of Aurora Cannabis remains outstanding following Aurora’s announcement of an alternative transaction with Organigram Global. Curaleaf said it would review the proposal but is awaiting details, including any break fee, future board and management composition, and investor rights for Organigram shareholder BAT.
Curaleaf maintains that its offer provides greater value, closing certainty, and anticipated synergies. The company criticized Aurora’s board for granting Organigram due diligence access while denying Curaleaf access, arguing that the decision prevents a potentially improved bid and breaches the board’s fiduciary duties.