08:44 AM EDT, 06/06/2024 (MT Newswires) -- Core Scientific ( CORZ ) said on Thursday it had rejected CoreWeave's proposal to buy all of its outstanding shares for $5.75 per share in cash, as it significantly undervalues the company and is not in the best interests of the shareholders.

The company said it received the unsolicited proposal from CoreWeave on June 3.

It added that the company remains focused on fulfilling a series of 12-year contracts with CoreWeave, which are expected to generate over $3.5 billion in revenue.

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