Organigram Signs C$561M Deal for Aurora, Outbidding Curaleaf

Has a hostile bid just been trumped in the cannabis sector? Organigram Global agreed to acquire Aurora Cannabis in a deal valuing Aurora at about C$561 million, topping a hostile offer from Curaleaf. Aurora holders can choose cash, Organigram shares, or a mix, with a cash cap of roughly C$253.6 million.

The price represents a 93 percent premium to Aurora's unaffected price in August and sits 21 percent above the implied value of Curaleaf's proposal. BAT is making a private placement of 141 million Organigram shares, and ATB is providing up to C$210 million in committed credit facilities to support the transaction.

Aurora shareholders would own about 35 percent of the combined company economically, with special meetings expected in December and closing targeted for January 2027. Organigram expects more than C$50 million in synergies. CEO James Yamanaka called it a defining step, while Aurora's Miguel Martin said it followed a strategic review.