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 had pitched the merger as a strategic play to expand its footprint in high-performance data centers, gaining access to Core Scientific's U.S. infrastructure footprint, including over 1 gigawatt of operational capacity.
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.
Author's summary: Shareholders reject CoreWeave's $9B bid for Core Scientific.