Boris Jordan, CEO of Curaleaf, joins BNN Bloomberg to discuss the company’s take-over bid for Aurora Cannabis. <\/p>\n
STAMFORD \u2014 Curaleaf Holdings Inc. says it intends to launch a takeover bid for Edmonton-based cannabis company Aurora Cannabis Inc.<\/p>\n
Curaleaf said in a news release on Tuesday it plans to make an offer to purchase all of Aurora\u2019s issued and outstanding common shares.<\/p>\n
If successful, the move would create a combined cannabis company with a footprint in 17 countries across Europe, North America and other international markets, it said.<\/p>\n
The Stamford, Conn.-based company said it is going public with its plan after multiple attempts to negotiate privately with Aurora\u2019s leadership were unsuccessful.<\/p>\n
It said Aurora\u2019s board refused to engage in discussions after Curaleaf chief executive Boris Jordan sent a formal letter of intent on June 23 outlining the company\u2019s proposal. Curaleaf said it sent a follow-up letter on July 7, but Aurora has been \u201cunwilling to engage in constructive discussions\u201d to date.<\/p>\n
\u201cWe were very disappointed that the board refused to meaningfully engage. We will now take our proposal directly to Aurora shareholders because the premium is significant, the strategic rationale is compelling, and further delay is unjustified,\u201d Jordan said in a news release.<\/p>\n
\u201cCuraleaf remains ready to engage constructively with Aurora\u2019s board to advance this value-maximizing transaction, and we are prepared to move quickly toward a definitive agreement.\u201d<\/p>\n
A representative for Aurora Cannabis did not immediately respond to a request for comment.<\/p>\n