Organigram to Acquire Aurora for C$7.80 per Share, Topping Curaleaf’s Hostile Bid

Organigram Global Inc. (NASDAQ: OGI), a Canadian cannabis producer with a growing European business, announced on November 3, 2026 that it has agreed to acquire Aurora Cannabis Inc. (NASDAQ: ACB) for C$7.80 per share. The deal values Aurora at about C$561 million on a fully diluted basis and represents a 93% premium to Aurora’s unaffected share price on August 10, 2026, the last full trading day before Curaleaf announced its plan to launch a hostile bid.

How the Deal Works

Aurora shareholders can choose their form of payment. They can elect C$7.80 in cash, 5.8626 Organigram shares, or a mix of C$3.75 in cash plus 3.0431 Organigram shares for each Aurora share they own. However, elections for all cash or all stock are subject to proration, which caps the total at about C$253.6 million in cash and 205.8 million Organigram shares.

The value of the offer rests partly on Organigram’s own stock. Specifically, the companies calculated the C$7.80 figure from Organigram’s 20-day volume-weighted average price of about C$1.33 on the TSX as of November 2. After closing, the companies expect Aurora shareholders to own about 35% of the combined company on a fully diluted basis and hold 42% of the voting power.

Both companies also laid out why they want to combine. Aurora brings EU-GMP certified manufacturing and a medical cannabis business across Canada, Europe, Australia and New Zealand. Organigram, for its part, adds leading Canadian recreational brands and the European footprint of Sanity Group, which it acquired in April. Together, the companies have identified more than C$50 million in synergies. “This Transaction is a defining step in Organigram’s strategy to build a disciplined, global cannabis leader,” said James Yamanaka, CEO of Organigram.

A Competing Offer From Curaleaf

The agreement arrives in the middle of a takeover contest. Curaleaf Holdings first made an unsolicited offer for Aurora in August, and on October 6 it amended that offer to US$1.00 in cash plus 0.4013 of a Curaleaf subordinate voting share for each Aurora share. It also extended the offer’s expiry to December 4, 2026.

Aurora’s board unanimously rejected the Curaleaf bid. According to the joint release, Organigram’s offer represents a 21% premium to the current value of that bid, based on Curaleaf’s 20-day average share price on November 2. In addition, Aurora said the deal came out of a strategic review led by a special committee of independent directors, which included outreach to multiple parties.

Aurora also told shareholders who already tendered to Curaleaf that they can withdraw their shares. “For Aurora’s shareholders, the Transaction is the result of a robust strategic review process and delivers compelling value today, meaningful choice in how they receive it and the opportunity to participate in the future of a leading cannabis company,” said Miguel Martin, Executive Chairman and CEO of Aurora.

Financing and the Road to Closing

Organigram plans to fund the cash portion with help from its largest shareholder. British American Tobacco (BAT) has agreed to buy 141.0 million Organigram shares at C$1.33 each in a private placement, for total proceeds of £100 million, or about C$187.5 million. Meanwhile, ATB Financial has committed to expand Organigram’s existing $70 million credit agreement into facilities of up to $210 million, including a $115 million term tranche available at closing.

Organigram has used this kind of growth strategy before. In its third quarter of fiscal 2026, the first quarter to include Sanity Group, net revenue rose 49% to C$105.8 million, and adjusted EBITDA more than doubled to C$13.4 million. That said, cash used in operating activities came to C$4.3 million as the company invested in working capital.

Several approvals still stand in the way. Aurora needs two-thirds of the votes cast at its special meeting, plus a majority of votes excluding certain shareholders. Organigram shareholders, excluding BAT, must also approve the share issuance. BAT, which controls 30% of Organigram’s votes, has agreed to vote in favor. The companies expect to hold both meetings in December 2026 and to close in January 2027, subject to regulatory and court approvals.

Strategic Investment Summary

• Acquisition Agreement: Organigram Global (NASDAQ: OGI) agreed on November 3, 2026 to acquire Aurora Cannabis for C$7.80 per share, valuing Aurora at about C$561 million.
• Premium: The price represents a 93% premium to Aurora’s unaffected share price and a 21% premium to Curaleaf’s current hostile bid.
• Shareholder Choice: Aurora shareholders can elect cash, Organigram shares or a mix, subject to proration, and would own about 35% of the combined company.
• Synergies: The companies have identified more than C$50 million in synergies across their Canadian and international operations.
• Financing: BAT will invest about C$187.5 million in a private placement, and ATB Financial has committed credit facilities of up to $210 million.
• Timeline: The companies expect shareholder meetings in December 2026 and a closing in January 2027.

Find out more about the latest corporate developments and financial reports at the Organigram investor portal.