Overview
- CEO Michael Intrator told CNBC the acquisition is a “nice to have, not a need to have” and confirmed CoreWeave will not increase its all-stock bid.
- Proxy adviser ISS recommended shareholders reject the transaction, arguing Core Scientific has performed well on its own and can continue to grow independently.
- Major shareholder Two Seas Capital called the proposal underpriced and criticized the sale process and fixed exchange ratio that could expose holders to CoreWeave’s stock volatility.
- On Tuesday, Core Scientific shares rose about 1.6% to near post-announcement highs while CoreWeave fell roughly 4.3%, suggesting investors favor Core Scientific’s independence.
- CoreWeave’s July proposal values Core Scientific at $20.40 per share in an all-stock deal now set for a shareholder vote on Oct. 30.