Aurora Shares Hit Ten-Month Highs on Organigram Bid

LOS ANGELES – Shares of Aurora Cannabis Inc. (ACB) surged more than 20% on both the NASDAQ and TSX, after Organigram Global Inc. (OGI) announced a definitive agreement to acquire the company for CA$7.80 per share in cash, Organigram shares, or a combination of both. The deal values Aurora at approximately CA$561 million on a fully diluted equity basis.

The gain was directly tethered to the acquisition terms. The offer represents a 93% premium to Aurora’s unaffected share price as of August 10, before Curaleaf launched its hostile takeover campaign, and a 21% premium over the implied value of Curaleaf’s most recently amended bid, which Aurora’s board had unanimously rejected.

Curaleaf had revised its proposal in October to US$1 in cash plus 0.4013 Curaleaf shares per Aurora share, implying roughly US$5 [capped at US$6] per share. The Organigram offer closed that gap in a single announcement, anchoring ACB’s price toward the CA$7.80 ceiling and stripping out the uncertainty that had been compressing the stock through months of contested bidding.

Aurora shareholders,  expected to hold approximately 35% of the combined entity after closing, have three options:

• take the full CA$7.80 in cash,
• receive 5.8626 Organigram shares per Aurora share, or
• choose a split of CA$3.75 in cash and 3.0431 OGI shares, with stock and mixed options subject to proration.

Retail sentiment around ACB shifted from neutral to bullish within 24 hours, with message volumes spiking 433% following the announcement. Organigram shares fell roughly 2.6%, a standard acquirer reaction in deals of this scale.

British American Tobacco (BAT), Organigram’s principal strategic investor, will inject £100 million through a private placement to help finance the transaction. ATB Financial will provide credit facilities of up to CA$210 million alongside it. The deal has unanimous board approval from both companies, requires two-thirds shareholder support, and is subject to British Columbia Supreme Court sign-off. Closing is targeted for January 2027. As of publication, Curaleaf confirmed its amended offer remains outstanding.

The price action in ACB was clean and direct. A board-endorsed bid at a fixed price, clearing a hostile offer the market had already deemed insufficient, is exactly the catalyst that sends a stock to its acquisition ceiling in a single session. Besides the size of the gain, the more instructive indicator is the gap that remains. ACB closed below CA$7.80, meaning shareholders are still pricing in execution risk. The two-thirds vote threshold is not a formality in a contested takeover. Until Curaleaf formally withdraws or Aurora’s shareholders vote ‘yes’, the deal has runway, but not certainty.