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ACB-News
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Alberta Securities Commission Dismisses Curaleaf's Application Against Aurora
Aurora Cannabis (ACB) announced that the application made by Curaleaf (CURLF) to halt Aurora's at-the-market, or ATM, program was dismissed by the Alberta Securities Commission. This positive result supports Aurora's view that Curaleaf's actions were to distract shareholders from the issue that Curaleaf's hostile bid "significantly undervalues Aurora and seeks to acquire Aurora's cash, unique EU-GMP assets, global growth platform and future upside at a discount". On October 14, Aurora's Board filed a notice of change to Directors' Circular which unanimously recommended that shareholders reject Curaleaf's revised Hostile Bid by taking no action and not tendering their shares.
Aurora Cannabis Explores Alternatives to Surpass Curaleaf's Acquisition Bid
Aurora Cannabis (ACB) said that its special committee, with the assistance of its advisors, is actively exploring a range of alternatives that may offer shareholders greater value than Curaleaf's (CURLF) revised "hostile bid." These alternatives include a possible transaction with one or more third parties or remaining independent and pursuing Aurora's existing strategy as a stand-alone entity, the company said in a statement. The special committee has solicited a number of parties to ascertain their interest in Aurora. Aurora has entered into confidentiality and standstill agreements with multiple parties, each of whom have been examining information relating to Aurora, the company added. It said, "Aurora has had numerous discussions with these parties. As this process is ongoing, it is not possible at this time to predict with certainty what alternatives (if any) may emerge from this process. There can be no assurance that the process will result in a transaction. However, shareholders should not tender their shares until the process is completed."
Aurora Cannabis Recommends Shareholders Reject Curaleaf's Acquisition Offer
Aurora Cannabis (ACB) reconfirms that its board, on the unanimous recommendation of a special committee of independent directors, unanimously recommends that shareholders reject the "hostile offer" by Curaleaf (CURLF) for all of the issued and outstanding common shares of the company. "Curaleaf's revised offer still does not reflect the value of the company Aurora shareholders own today. Aurora is debt-free with a strong cash position, and we believe the revised Hostile Bid continues to ask shareholders to give up that strength, and their future upside, at a discount," said Miguel Martin, CEO of Aurora.
Aurora Cannabis Completes Facility Expansion in Leuna, Germany
Aurora Cannabis announced the completion of an expansion of its facility in Leuna, Germany. The expansion project incorporates cultivation and post-harvest practices from Aurora's Canadian operations alongside the company's proprietary genetics and product catalogue. The expanded facility has increased cultivation capacity. The expanded facility has recently been granted an expanded EU-GMP license for the newly built areas of the site, issued by the State Office for Social Affairs, Youth and Health of Saxony-Anhalt. The additional capacity is expected to help Aurora meet demand for medical cannabis in Germany and across European markets.
Aurora Cannabis Responds to Curaleaf's Takeover Bid
Aurora Cannabis (ACB) esponded to a press release issued by Curaleaf Holdings (CURLF) regarding the filing of a Notice of Variation and Change to revise its hostile take-over bid for all of the issued and outstanding common shares of the company to offer revised implied consideration of $5.00 per share, consisting of 0.4013 subordinate voting shares of Curaleaf plus $1.00 in cash per Aurora Share. "The filing of a revised Hostile Bid is simply the next step in the process, not a deadline to make a decision. Investors deserve the chance to review the revised Hostile Bid and decide for themselves whether it reflects the full value of the company they already own. Our Board and Special Committee are commencing their review, and until Aurora's formal recommendation is available, we urge investors to take no action," said Miguel Martin, Executive Chairman and CEO of Aurora. "Once the review is complete, the Board will communicate its recommendation and provide the relevant information to shareholders to support them in considering their options," concluded Martin. The company will provide a comprehensive response to Aurora shareholders in a timely manner once the Special Committee has completed its review and the Board has made its recommendation with respect to the revised Hostile Bid.
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