Aurora Cannabis urged shareholders to reject Curaleaf Holdings' $272 million unsolicited offer, calling it inadequate and designed to offload Curaleaf's heavy debt onto Aurora's clean balance sheet. The board maintained its confidence in its standalone strategy, highlighting record international revenue and high margins supported by expanded EU-GMP cultivation capacity. Aurora emphasized its $149 million in cash versus Curaleaf's over $1 billion debt, noting the bid provides no change-of-control premium and would limit shareholder voting power despite a 7.7% equity stake.

The rejected offer, valued at $4 per share with a cap of $5, consists of 0.3463 subordinate voting shares and 75 cents cash, and remains open for acceptance until Dec. 1.