TechFlow, October 16 — According to Reuters, the board of cryptocurrency mining firm Core Scientific (CORZ.O) urged shareholders to vote in favor of the proposed sale to AI infrastructure company CoreWeave (CRWV.O), stating the deal would bring multiple benefits to the company.
CoreWeave announced in July its plan to acquire Core Scientific in an all-stock transaction valued at approximately $9 billion, or $20.40 per share. However, the deal has faced opposition from Two Seas Capital, Core Scientific’s largest shareholder, which holds around 6.3% of the shares and claims the transaction "severely undervalues" the cryptocurrency miner.
In an investor presentation on Wednesday, Core Scientific’s board stated it had “unanimously determined” that the deal represents the best available option for all shareholders. The board said the combined company would benefit from significant potential cost savings and synergies, while reducing growth risks for Core Scientific.
