Curaleaf Holdings, Inc. has filed a Notice of Variation to increase its offer to acquire all outstanding common shares of Aurora Cannabis Inc. The updated proposal, known as the Enhanced Offer, raises the maximum consideration per Aurora Share to US$6.00.
Under the terms of the Enhanced Offer, Aurora shareholders would receive total implied consideration of US$5.00 per share. This amount is comprised of 0.4013 Curaleaf subordinate voting shares and US$1.00 in cash. The valuation of the Curaleaf shares is based on the company's closing share price of C$14.21 on October 2, 2026.
Curaleaf states that the Enhanced Offer represents an 86% premium to Aurora's Unaffected Share Price of US$2.75, which was its 30-day volume weighted average price as of August 10, 2026. If the value of Aurora's cash and cash equivalents is excluded, the premium rises to 217%.
In addition to the financial terms, the filing addresses technical comments regarding Curaleaf's initial Offering Circular. Curaleaf has voluntarily updated the circular to remove distractions from the acquisition discussion. The company has filed the Notice of Variation with Canadian securities regulatory authorities and a new Registration Statement on Form F-80 with the U.S. Securities and Exchange Commission.
Curaleaf continues to call on Aurora to engage regarding the offer and provide shareholders with a comprehensive view of the potential of the combined businesses. Materials and instructions for tendering shares are available at grow.curaleaf.com, SEDAR+, and EDGAR.
