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C3 AI Reportedly Exploring Sale After Founder-CEO Thomas Siebel Steps Down

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C3 AI, a California-based enterprise artificial intelligence software company, is reportedly exploring a potential sale following the recent departure of its founder and long-time CEO Thomas Siebel due to health concerns, according to sources familiar with the matter.

The process is said to be in its early stages, with C3 AI also considering other strategic options, including raising private capital, the sources told Reuters. The company, headquartered in Redwood City, provides a platform used by clients such as Shell and the U.S. Air Force to build and operate large-scale AI applications. Its software is widely used across energy, manufacturing, and government sectors, positioning it as a smaller competitor to Palantir Technologies.

C3 AI currently has a market value of around $2.15 billion, but its shares have dropped over 54% this year amid financial struggles and uncertainty surrounding leadership changes.

In its most recent quarterly report, the company disclosed a net loss of $116.8 million (or $0.86 per share) for the fiscal quarter ending July 31, alongside a 19% revenue drop to $70.3 million. C3 AI also withdrew its full-year forecast in September, citing management transitions and a restructuring of its sales and service operations.

The company’s leadership transition saw Salesforce veteran Stephen Ehikian assume the CEO role on September 1, succeeding Siebel, who has moved to the position of executive chairman after revealing an autoimmune disease causing severe visual impairment.

Siebel, a renowned Silicon Valley entrepreneur, is best known for founding Siebel Systems, which he sold to Oracle in 2005 for $5.85 billion.

C3 AI’s board includes several prominent figures, such as former U.S. Secretary of State Condoleezza Rice, Fortune CEO Alan Murray, and former Apple general counsel Bruce Sewell.

ISS Urges Investors to Reject CoreWeave’s $9 Billion Acquisition of Core Scientific

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Proxy advisory firm Institutional Shareholder Services (ISS) has advised investors to vote against the proposed $9 billion all-stock merger between artificial intelligence infrastructure company CoreWeave (CRWV.O) and data computing firm Core Scientific (CORZ.O). The shareholder vote is scheduled for October 30.

In its recommendation, ISS said that Core Scientific has shown strong independent performance and can continue to grow without being acquired. The firm noted that the company’s current trajectory suggests it could thrive as a standalone entity.

CoreWeave, which provides cloud infrastructure tailored for AI workloads, first proposed the acquisition in July, offering an implied value of $20.40 per share. However, investor Two Seas Capital quickly announced its opposition to the deal, citing concerns about the sale process, valuation, and the fixed exchange ratio, which leaves Core Scientific shareholders exposed to fluctuations in CoreWeave’s stock price.

Since the announcement, CoreWeave’s shares have declined, reducing the total deal value. Meanwhile, Core Scientific’s stock rose more than 5% in post-market trading on Monday, closing at $18.81, as investors appeared to favor keeping the company independent rather than moving forward with the merger.

Amcor to Acquire Berry Global for $8.43 Billion in All-Stock Deal

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Amcor and Berry Global’s Merger

Amcor Plc, a Swiss-based packaging giant, has agreed to acquire U.S. packaging firm Berry Global for $8.43 billion in an all-stock transaction. This merger will create a leading force in the consumer and healthcare packaging markets, significantly expanding both companies’ global reach.

Under the terms of the deal, Berry Global shareholders will receive $73.59 per share, marking a 9.75% premium over Berry’s most recent closing price. Berry’s shares surged by 7% following the announcement.

Strategic Rationale and Market Trends

This move reflects the ongoing consolidation in the packaging industry, which has faced shifts in demand following the pandemic’s surge in e-commerce and consumer goods. Companies have reduced packaging inventories as demand stabilizes, prompting further mergers in the sector.

Amcor and Berry, both major producers of packaging solutions for a wide range of industries—including food, beverage, pharmaceuticals, medical, home, and personal care—will have an expanded global presence in more than 140 countries.

Financial Outlook and Leadership

The deal is expected to deliver substantial growth, with projected combined revenues of $24 billion and adjusted earnings of $4.3 billion, including synergies. Amcor’s CEO, Peter Konieczny, will continue to lead the combined entity, which will retain the name Amcor Plc and be listed primarily on the New York Stock Exchange.

The transaction is anticipated to close in mid-2025, marking a major step in the packaging industry’s evolution.