The CoreWeave (CRWV) share exchange offer for Core Scientific (Corz) should be found in the shareholders: KBW
CoreWeave (Coll) agreed to the Bitcoin miner Core Scientific (CORZ) to take over.Stock -based contractEvaluated by USD 20.40 per share, which corresponds to an EBITDA multiple of about 16x for the 2026 financial year, and a significant discount against traditional data center companies, according to the investment bank KBW.
The Core Scientific shares recorded a decline of 18 % and were around $ 14.75 at the time of publication. CoreWeaven's shares fell 5 %.
While the deal CoreWeaven offers strategic advantages, including reducing leasing obligations by over $ 10 billion and the release of more than $ 500 million in annual cost savings by 2027, KBW sees it in a report on Monday as an opportunistic step, which exploits the 295 percent rally from CRWV after the IPO.
“Although we consider this as an opportunity attempt by CRWV to benefit from the recent increase in course, the reaction signals disappointment and potential dissent in terms of contractual terms,” wrote analyst Bill Papanastasiou.
In accordance with the terms and conditions, the shareholders of Core Scientific receive 0.1235 CoreWeave shares for each held share, which the company evaluates at around $ 9 billion.
“”Businessrequires the consent of the shareholders of Core Scientific and is to be completed in the fourth quarter of 2025.
The analysts pointed out that the shareholders of Core Scientific in view of the unchanged base of assets since the first failed takeover attempt by CRWV and the lack of bar content may resist the conditions of the contract. The “coordination of the shareholders could encounter resistance.”
Nevertheless, no competing offer is expected, so that the conclusion is expected to come about, the source reported.
KBW evaluates the shares of Core Scientific with “outperform” and a price target of $ 19.
The competitive company Bernstein, based on Wall Street, noted the drop in the course of the Core Scientific share after the transaction announced and said “the shareholders probably expected a higher rating” and “the investors were disappointed with pure stock exchange.”
The broker has the Core Scientific share with an outperform rating and a price target of $ 17.
