ISS Urges Rejection of CoreWeave $9B Bid

Proxy adviser Institutional Shareholder Services recommended investors reject CoreWeave’s $9 billion all‑stock acquisition of Core Scientific, saying the rushed sale process and fixed exchange ratio undervalue Core Scientific and expose sellers to declines in CoreWeave’s stock. The recommendation and pushback from major shareholders including Two Seas sent Core Scientific shares higher in late trading and an investor vote is scheduled for Oct. 30. Critics also questioned whether Core Scientific’s board adequately explored alternatives, including financial buyers. CoreWeave CEO Michael Intrator said the company will not raise its $9 billion offer, that management is comfortable with the pricing and that other bidders are welcome. CoreWeave is continuing acquisitive moves to expand AI cloud capacity and diversify its customer base beyond Microsoft.