Curaleaf Seeks to Halt Aurora's Stock Sales Amid Ongoing Hostile Takeover
Curaleaf has petitioned the Alberta Securities Commission to freeze Aurora Cannabis' stock sales, arguing that ongoing share dilution undermines its $4.00-per-share hostile takeover offer. Curaleaf claims Aurora sold over 2.81 million shares at $3.04 since June, leading to nearly 5% dilution and increasing the bid cost by more than $11 million. The company is seeking an expedited hearing to halt further sales until its offer expires. Aurora responded swiftly, stating that its at-the-market (ATM) program was established in February—months before Curaleaf's approach—and had been inactive for weeks prior to the bid announcement. Aurora CEO Miguel Martin accused Curaleaf of misrepresenting facts and highlighted Aurora’s debt-free balance sheet versus Curaleaf’s $1 billion in liabilities, including high-interest senior notes. The dispute centers on Aurora’s EU-GMP facilities and its access to Europe's growing medical cannabis market. Both companies remain at an impasse over valuation, with no movement toward a resolution expected soon.
