The board of directors at Bitfarms said it would hold a meeting on Oct. 29, as requested by Riot Platforms, one of its largest shareholders amid an attempted corporate takeover.
Riot Platforms holds just under a 15% stake in Canadian mining firm Bitfarms and hopes to replace key board members with picks seeming favorable to its interests.
Cryptocurrency mining firm Bitfarms has scheduled a shareholder meeting in response to a request from Riot Platforms — the firm attempting a corporate takeover of Bitfarms.it would hold a shareholder meeting on Oct. 29 following claims Riot plans to “disrupt the strategic alternatives review process” the mining firm started. In May, Riot offered $950 million to acquire Bitfarms but has met resistance from the company, which is employing various tactics to impede the takeover.
“The Company remains committed to constructive engagement with all shareholders and remains hopeful that Riot will seek to constructively engage with the Company so that Bitfarms need not expend its limited cash resources to protect the interests of its stakeholders against the actions of Riot,” said Bitfarms.Riot CEO Jason Les has claimed that some of Bitfarms’ attempts to stop the takeover were ”in direct conflict with established legal and governance standards.
Bitfarms shares on the Nasdaq under the ticker BITF were trading at $2.50 at the time of publication, having fallen more than 20% since June 17. Compared to Riot’s market capitalization of more than $2.8 billion, Bitfarms has a market cap of roughly $1 billion.Stop piling into leveraged Bitcoin ETFs and consider this instead
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Riot Platforms Boosts Bitfarms Stake with Additional Share AcquisitionCrypto Blog
Read more »
Bitcoin miner Riot Platforms ramps up pursuit of BitfarmsRiot has been giving Bitfarms the business after its merger proposal in April was rebuffed.
Read more »
Bitfarms appoints new CEO amid ongoing riff with rival RiotBitfarms has appointed Ben Gagnon as its CEO, effective immediately, amid its ongoing tussle with rival Riot.
Read more »
Bitfarms announces new CEO, Riot launches campaign as corporate dispute escalatesThe battle for control of Bitcoin miner Bitfarms continues to evolve. The company appoints a new CEO, while Riot Platforms continues to contest its board.
Read more »
Bitcoin Miner Riot Platforms Ditches Bitfarms Takeover Bid, Seeks to Overhaul BoardAoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
Read more »
Riot nominates three independent directors to Bitfarms board in latest takeover salvoRiot is ready to engage with a reconstituted Bitfarms board around a potential acquisition, but is withdrawing its previous offer to acquire the company for $2.30 per share.
Read more »