Core Scientific shareholder vote sinks $9 billion CoreWeave deal, halting merger of AI cloud and bitcoin miner

Core Scientific shareholders voted against the proposed $9 billion all-stock merger with CoreWeave, effectively halting the transaction. The deal failed to secure the required number of votes at a special shareholder meeting, as disclosed in a Form 8-K filing. Major Core Scientific investors, including Two Seas Capital and Gullane Capital, along with proxy advisers ISS and Glass Lewis, had opposed the deal, arguing the offer undervalued the company. The all-stock bid lacked a downside collar, making its final value dependent on CoreWeave’s volatile stock price. This outcome underscores the increasing recognition of bitcoin miners' valuable, energy-dense infrastructure for AI firms, evidenced by a recent $40 billion deal for Aligned Data Centers. Following the rejection, Core Scientific shares rose over 5%, while CoreWeave shares fell over 6%. CoreWeave CEO Michael Intrator stated the company respects the stockholders' views and looks forward to continuing their commercial partnership.

(Source：The Block)