Core Scientific (NASDAQ:CORZ) stock is a hot topic on Thursday after the Bitcoin (BTC-USD) mining company rejected a takeover offer from CoreWeave.
According to Core Scientific, it received this unsolicited offer from CoreWeave on Monday. The Board of Directors has rejected the offer as it believes it undervalues the BTC mining company.
CoreWeave was offering to acquire CORZ stock for $5.75 per share in cash. That represents a roughly 21% premium over the stock’s closing price on Friday, which was the last trading day before the offer was made.
Here’s what Core Scientific said in its rejection letter:
“The Board has evaluated the Company’s growth prospects and near- and long-term value creation potential, including in connection with both the previously announced CoreWeave agreements and the proposal. The Board determined that the CoreWeave proposal significantly undervalues the Company and is not in the best interests of the Company and its shareholders.”
CORZ Stock Movement Today
News of the rejected takeover offer brings with it heavy trading of CORZ stock on Thursday. This has more than 6 million shares traded as of this writing. That’s already above its daily average trading volume of about 4.9 million shares.
CORZ stock is up 6.9% as of Thursday morning and is up 122.1% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
