Core Scientific rejects acquisition offer from CoreWeave

Cryptomine and HPC hosting firm Core Scientific has rejected an acquisition offer from GPU provider CoreWeave after confirming that it received an unsolicited non-binding proposal from CoreWeave on June 3 to acquire all of the outstanding shares of the company on a fully diluted basis for $5.75 per share in cash.

“The board has evaluated the company’s growth prospects and near- and long-term value creation potential, including in connection with both the previously announced CoreWeave agreements and the proposal,” the company said. “The board determined that the CoreWeave proposal significantly undervalues the company and is not in the best interests of the company and its shareholders.”

Adam Sullivan, Core Scientific CEO, said: “Our discussions with potential clients to modify an additional 300MW of our high-power infrastructure for HPC hosting continue, representing an even greater source of revenue by capitalizing on strong market demand.