Curaleaf Holdings has responded to Aurora Cannabis's directors' circular and is urging Aurora shareholders to reconsider the unsolicited takeover proposal the Aurora board has unanimously rejected. Curaleaf Chairman and CEO Boris Jordan said Aurora has not presented a counteroffer and argued the bid delivers a 45% premium to Aurora's unaffected trading price, among the higher end of recent Canadian M&A premiums, plus an implied CY2026E adjusted EBITDA multiple of 12.0x. Curaleaf also highlighted a US$5.00 exchange-ratio cap that it says equates to an 82% premium to Aurora's 30-day VWAP on the August 10, 2026 unaffected date. The company attacked Aurora's debt-free narrative by noting roughly US$398 million of equity raised since September 2020, about 31% dilution, and recent ATM sales at average prices of US$3.57 and US$3.09, below the value Aurora now calls inadequate. Curaleaf pointed to Aurora's negative C$4.4 million operating cash flow in the June quarter, guidance for fiscal 2027 revenue near fiscal 2025 levels and lower adjusted EBITDA, and multi-year cash losses and impairments, while stressing its own operating cash generation, US$500 million senior secured notes raise, U.S. and international footprint, and insider ownership of about 20%. Aurora continues to recommend that shareholders take no action on the roughly $272 million bid, citing insufficient value, Curaleaf debt and governance risks, and limited voting power for Aurora holders in a combined company.