Curaleaf and Aurora trade barbs as deal clock ticks

HOSTILE
Curaleaf and Aurora trade barbs as deal clock ticks

What happened: Curaleaf published a "myth vs. fact" sheet Monday, its second rebuttal to Aurora's Sept. 2 directors' circular urging shareholders to reject Curaleaf's hostile $4 per share offer.

The bid, worth about $272 million, has been open since Aug. 18 and expires Dec. 1.

What they're saying: "$ACB management would rather attack our offer with misleading narratives than explain their own record," said Curaleaf Chairman and CEO Boris Jordan on X, adding that Aurora "never signed an NDA, never discussed price, and never made a counteroffer."

On the other hand: "We are urging shareholders to focus on the value they already own," said Aurora Executive Chairman and CEO Miguel Martin on LinkedIn. "Aurora's momentum is being realized today, and shareholders should keep the benefit of that value and future potential."

Why it matters: Aurora's case rests on $149 million in cash and no debt against Curaleaf's roughly $1 billion in debt and lease liabilities.

Curaleaf's case is that Aurora kept selling shares through its ATM at an average of $3.09 last quarter while calling $4 too low. Both sides are now arguing about who's diluting whom.

What's next: Aurora shareholders have until Dec. 1 to tender. Curaleaf says the $5 cap and the 105-day window are both negotiable if Aurora's board engages, which Aurora says it has been doing since June. $ACB ( ▼ 2.03% ) $CURLF ( ▲ 0.4% )

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