Aurora Cannabis urged shareholders to take no action on Curaleaf Holdings' unsolicited takeover bid while its Board of Directors and a newly formed Special Committee of independent directors review the proposal with financial and legal advisers. Curaleaf announced the offer on Aug. 18 at approximately $260 million, consisting of 0.3463 Curaleaf shares and $0.75 in cash per Aurora share, or $4 per share in total consideration, with a cap of $5 per share if Curaleaf's stock rises above a specified level. Aurora closed at $3.94 on Friday, and the offer will remain open for at least 105 days from launch. Aurora said Curaleaf's public statements contain inaccurate claims about its German operations, UK expansion, cultivation and output, and EU-GMP manufacturing platform. Executive Chairman and CEO Miguel Martin called the approach opportunistic and said Curaleaf was trying to acquire Aurora's global infrastructure at the lowest possible price. Aurora cited three consecutive years of positive adjusted EBITDA, accelerating international sales, record FY2026 global medical-cannabis revenue and recent UK expansion, while reporting a first-quarter fiscal 2027 loss of $0.07 per share and approximately $93.7 million in debt. The bid comes as the cannabis industry considers potential consolidation following the U.S. Drug Enforcement Administration's hearings on moving cannabis from Schedule I to Schedule III, which could ease the tax burden imposed by Section 280E. Green Thumb Industries is viewed as a potential acquirer but has historically favored smaller, disciplined purchases, organic growth, cash preservation and buybacks.