Bloomberg Podcasts · Aurora Cannabis Board Recommends Rejecting Curaleaf Bid

1. 1. Aurora's board recommends rejecting Curaleaf's takeover bid because the $5 per share cap undervalues the company's assets.
2. 2. Aurora is debt-free with nearly $150 million in cash, while Curaleaf carries over $1 billion in debt and trades on a secondary exchange, making the stock-for-stock deal unattractive.
3. 3. Aurora's EU-GMP certified facilities are unique and cannot be replicated in less than four to five years without hundreds of millions of dollars in investment.
4. 4. Aurora holds a leadership position in Canada, Western Europe, Eastern Europe, Australia, and New Zealand, and was Canada's largest cannabis exporter last year.
5. 5. Medical cannabis internationally involves physician prescriptions dispensed at pharmacies, leading to stronger margins and a more consolidated market compared to recreational cannabis.
6. 6. Aurora's board is open to considering other offers if they are compelling in price and structure, and would recommend them to shareholders if they meet those criteria.