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Bitfarms announced on Monday that its Board of Directors has unanimously approved a shareholder rights plan, effective immediately, to preserve the integrity of its strategic alternatives review process in response to an unsolicited takeover offer from Riot Platforms Inc.
Under the Rights Plan, one right will be issued for each common share outstanding as of June 20. These rights will become exercisable if any person or entity acquires 15% or more of Bitfarms’ outstanding common shares without complying with the plan’s “Permitted Bid” provisions. Bitfarms also disclosed that the Toronto Stock Exchange will defer its consideration of the Rights Plan until it is assured that the appropriate securities commission will not intervene. This deferral does not affect the plan’s adoption or operation, which will remain effective for a minimum of six months from June 10, the date of adoption, unless terminated earlier.to buy Bitfarms for about $950 million.
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