[PRESS RELEASE] – EDMONTON, Alberta, Oct. 5, 2026 – Aurora Cannabis Inc., the Canadian-based leading global medical cannabis company, responded to a Oct. 5 press release issued by Curaleaf Holdings Inc. regarding its stated intention to file a Notice of Variation and Change to revise its hostile takeover bid for all of the issued and outstanding common shares of the company (the "Aurora shares") to offer revised implied consideration of US$5 per share, consisting of 0.4013 subordinate voting shares of Curaleaf plus US$1 in cash per Aurora share.
Aurora Executive Chairman and CEO Miguel Martin said, "Today's announcement by Curaleaf is not a formal revised bid, and Aurora has not yet received the materials required to conduct a full and proper evaluation. While the announcement suggests an intention to address concerns Aurora identified with Curaleaf's initial hostile bid, the special committee of independent directors will review any formal revised offer once received with the same rigorous, independent and disciplined process applied previously. The committee's focus remains on determining what is in the best interests of Aurora and Aurora shareholders, and the board will communicate its recommendation once that review is complete."
The company expects to provide a more 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.
Take No Action
Aurora shareholders are advised to take no action on the hostile bid as previously recommended on Sept. 2, 2026, and wait for further communication from the board of directors. Aurora shareholders will have until at least Dec. 4, 2026, to consider their options, being the revised expiry date of Curaleaf's offer.
The board has formed a special committee of independent directors. The special committee will consider the offer with its advisers before making a recommendation to the board. Aurora shareholders will be notified of the board's formal recommendation through a news release and directors' circular within 15 days, in accordance with applicable securities laws.
Aurora's Application to the Alberta Securities Commission Delivers Results
Curaleaf's actions also demonstrate that Aurora's application to the Alberta Securities Commission delivered results for Aurora shareholders. In particular, Aurora's application identified several deficiencies in Curaleaf's circular that were contrary to the takeover bid rules and deprived shareholders of sufficient information and time needed to fully evaluate Curaleaf's Hostile Bid, including the following:
- Failure to provide pro forma financial statements that would allow Aurora shareholders to understand the financial condition of the combined company if the hostile bid were successful; and
- Failure to hold the hostile bid open for the minimum deposit period required by securities laws, which allows Aurora shareholders the full amount of time required by law to consider the hostile bid.
Curaleaf, in response to the concerns raised by Aurora in its application, has now agreed to amend its bid circular both to include the required pro forma financial statements and to extend the expiry time for the hostile bid to 11:59 p.m. (Mountain Time) on Dec. 4, 2026.
Shareholder Assistance
Aurora shareholders with questions about the hostile bid or who would like to stay informed may contact Kingsdale Advisors, the company's strategic adviser and information agent:
- Toll-Free (within North America): 1-800-749-9052
- Call or Text: 416-623-4172
- Email: [email protected]
- Visit protectaurora.com
Shareholders should take no action at this time. Shareholders should wait until the board has provided its formal recommendation regarding the hostile bid.
