Aurora’s move marks a significant escalation in its defense against Curaleaf. The company claims the hostile bid circular lacks necessary pro-forma financial statements and failed to provide required notice in French, effectively sidelining French-speaking investors. Furthermore, Aurora contends that Curaleaf has not adhered to the mandatory 105-day deposit period, a breach that disqualifies the bid as a "permitted" offer under Aurora’s Shareholder Rights Plan.
Aurora Cannabis Challenges Curaleaf Over Hostile Bid Deficiencies
Aurora Cannabis has petitioned the Alberta Securities Commission to intervene in Curaleaf’s hostile takeover attempt, alleging that the bidder failed to meet critical regulatory disclosure requirements. The company argues these omissions deprive shareholders of essential financial data and time needed to evaluate the unsolicited offer.
"These are not technicalities. They are shareholder protection requirements, and they matter," said Miguel Martin, CEO of Aurora. The company’s board continues to urge shareholders to reject the offer by taking no action and withdrawing any shares already tendered. Aurora maintains that the bid fails to reflect the true value of its business and global medical cannabis operations.
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