Overview

• Rumble’s preliminary exchange proposal would deliver 2.319 Rumble shares for each Northern Data share, implying a valuation of about $18.30 per share—around a 32 percent discount.
• News of the offer triggered a more than 20 percent slide in Northern Data’s shares on the Frankfurt Stock Exchange.
• Both companies have said any definitive offer would likely exceed the current discounted terms.
• Rumble’s bid targets Taiga’s AI-cloud platform and Ardent’s data-center arm, which together hold roughly 20,480 Nvidia H100 GPUs and over 2,000 H200 chips.
• Tether, Northern Data’s majority shareholder and a major Rumble investor, has endorsed the exploratory offer and stands to boost its influence through shareholding shifts if the deal closes.