Core Scientific Jumps After ISS Opposes CoreWeave Deal
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Core Scientific Inc. shares jumped in late trading after a key proxy adviser said a takeover bid by CoreWeave Inc. undervalues the data center company.
Institutional Shareholder Services Inc. recommended that shareholders vote against the all-stock deal, which was announced in July at a $9 billion valuation. The speed of the M&A process raised questions over whether the Core Scientific board fully evaluated alternatives, including the possibility of reaching out to acquirers in the financial industry, ISS said in a report published on Monday.
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