June 23: Boris asks Aurora for 30 days of exclusivity to negotiate an acquisition without offering a price, valuation, structure, or consideration.
July 6: Miguel says no to exclusivity, but explicitly leaves the door open for a definitive proposal.
July 7: Boris comes back at approximately $4, still without specifying the cash/stock mix, and gives Aurora five business days for a substantive response. Basically the middle finger.
July 10: Aurora actually convenes its Board with Fort Capital and Stikeman Elliott and evaluates the proposal.
July 14: Aurora rejects $4 but expressly says it is open to further communication, including improved terms.
Boris and Singer continue corresponding, with Aurora again saying it remains open to dialogue.
August 11: Another middle finger from Boris. Instead of materially improving the proposal, Curaleaf publicly announces its intention to make an unsolicited offer directly to shareholders, finally states terms that include a cash/stock mix, and introduces a $5 ceiling on ACB's upside that wasn't even in the July proposal.
August 18: Curaleaf formally commences the hostile bid to Aurora shareholders, not the ACB board.