CoreWeave CEO says there's no plan to readdress Core Scientific bid

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CoreWeave (NASDAQ:CRWV [https://seekingalpha.com/symbol/CRWV]) CEO said that there's no plan to readdress the Core Scientific (NASDAQ:CORZ [https://seekingalpha.com/symbol/CORZ]) bid even as some shareholders have come out against the deal.

“Really under no circumstances will we readdress the bid that we put out,” CoreWeave CEO Michael Intrator said in an interview on Bloomberg Television. “That’s the number. We think it fairly represents the value for them. We think it will be great for the two companies to move forward together.”

The comments come as some Core Scientific holders have publicly come out against the proposed $9 billion deal, saying that it undervalues CORZ. Some investors believe Core Scientific is worth more than the original valuation, and should be bought for a figure closer to $25 a share, or $11.5bn, the Financial Times reported in August.

Under the proposed agreement, Core Scientific shareholders would receive 0.1235 newly issued shares of CoreWeave for each share they hold. Many top shareholders and hedge funds are debating whether to reject the deal altogether, aiming to force improved terms or even to scuttle the transaction if their expectations are not met.

Core Scientific (NASDAQ:CORZ [https://seekingalpha.com/symbol/CORZ]) holders are scheduled to vote on the deal on Oct. 30.

Shares of Core Scientific fell 5.4%, while CoreWeave dropped 4.6%.

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