Core Scientific Shareholders Reject $9B CoreWeave Deal
Core Scientific Inc. shareholders have voted down a proposed $9 billion takeover bid by CoreWeave Inc., citing valuation concerns.
The takeover offer, announced in July, would have seen Core Scientific shareholders exchange each of its shares for 0.1235 shares of CoreWeave Class A stock.
CoreWeave pitched the merger as a strategic play to expand its footprint in high-performance data centers while gaining access to Core Scientific’s U.S. infrastructure footprint, including more than 1 gigawatt of operational capacity.
However, Core Scientific investors argued that the all-stock deal undervalued the company's recent recovery and growth potential in the booming artificial intelligence colocation market.
- Proposed deal: $9 billion takeover bid by CoreWeave Inc.
- Share exchange: 0.1235 shares of CoreWeave Class A stock for each Core Scientific share
- Reason for rejection: valuation concerns and undervaluation of Core Scientific's growth potential
Author's summary: Core Scientific shareholders reject $9B CoreWeave deal due to valuation concerns.
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