Core Scientific's board urges shareholders to vote in favor of CoreWeave's acquisition

The board of directors of crypto miner Core Scientific urged shareholders on Wednesday to vote in favor of its proposed sale to CoreWeave as the company expects the deal to bring multiple benefits. In July, CoreWeave announced its intention to acquire Core Scientific in an all-stock transaction valued at approximately $9 billion, corresponding to a valuation of $20.4 per share. However, the proposed transaction was opposed by Two Seas Capital, the largest shareholder of the crypto miner. In an investor presentation on Wednesday, Core Scientific's board said it had "unanimously determined" that the transaction was the best option for all shareholders. The presentation pointed out that the combined company will benefit from a number of potential cost savings and synergies, while reducing Core Scientific's growth risk and providing upside potential for its shareholders.