Core Scientific board urges shareholders to support CoreWeave acquisition proposal

Odaily Planet Daily News: The board of directors of the crypto mining company Core Scientific called on shareholders on Wednesday to vote in favor of its acquisition by CoreWeave, believing that the transaction will bring multiple strategic and financial benefits to the company. CoreWeave announced in July this year that it plans to acquire Core Scientific in an all-stock manner. The transaction was valued at approximately US$9 billion, corresponding to a price of US$20.4 per share. Although the proposal was opposed by the largest shareholder, Two Seas Capital, the board of directors of Core Scientific still emphasized in the investor presentation materials that it has "unanimously determined" that the transaction is the best option for all shareholders. The company said that the merged entity will achieve significant cost savings and business synergies, and will help reduce growth risks and release shareholder upside potential. (reuters)