"Core Scientific shareholders on Thursday voted down an all-stock acquisition offer from partner and competitor CoreWeave that was valued at the time at $9 billion. They did so following a vote-no recommendation from their largest shareholder, Sina Toussi of Two Seas Capital, a firm that focuses on post-bankruptcy companies. Core Scientific emerged from its bankruptcy in January 2024."
"CoreWeave, with investor and partner Nvidia, has now transitioned to serving AI workloads. From its IPO until now, its stock has soared from a $14 billion market cap to $66 billion today (about $140 per share) as investors view it as a way to get in on the AI action. It has been spending those shares on acquisitions."
""Since the transaction was announced in July, investment in AI infrastructure has accelerated, driving equity valuations of Core Scientific's peers to ever-greater heights," he wrote in his opposition letter. "Why would anyone vote for a transaction worth a mere $16.40 per share?""
Core Scientific shareholders voted down an all-stock acquisition offer from partner and competitor CoreWeave valued at $9 billion. The vote followed a no recommendation from largest shareholder Sina Toussi of Two Seas Capital; Core Scientific emerged from bankruptcy in January 2024. Both companies began as crypto miners, but CoreWeave, backed by investor and partner Nvidia, transitioned to AI data-center workloads and saw market cap rise from $14 billion at IPO to $66 billion. CoreWeave had a $10 billion, 12-year contract to use Core Scientific facilities and had offered a premium per share. Investors rejected the acquisition seeking higher AI-driven valuations, and CoreWeave later acquired Marimo.
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