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Cross-border cannabis exports to Europe have become the most contested asset class in North American cannabis, and Curaleaf's hostile approach to Aurora Cannabis is the clearest measure of that shift.
Aurora fired back on Wednesday, the day after Curaleaf went public with a $4-per-share offer, urging shareholders to take no action and accusing its suitor of engineering pressure rather than a fair process.
Curaleaf's offer implies a 45% premium to Aurora's 30-day average share price, measured to August 10. That number has largely been absorbed.
Aurora's shares have since risen about 34%, to $3.89, while Curaleaf's OTC-listed stock has gained about 6%, to $9.80. Both moves are unusual: acquiring companies typically see their shares slide on a deal announcement.
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