Riot 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.
As expected, Riot Platforms has formally requisitioned a special meeting of Bitfarms shareholders to reconstitute the Bitfarms Board of Directors.
It's the latest step in Riot's attempted takeover of its bitcoin mining peer. Riot Platforms attempted to acquire Bitfarms in April for roughly $950 million. Since that deal was thwarted, Riot has steadily been buying up stock in Bitfarms to become its largest shareholder. Riot owns about 60 million shares, or 14.9%, of the Bitfarms.
"It is clear that directors with fresh perspectives are needed to address the issues in the Bitfarms boardroom. Riot is proposing three highly qualified individuals, each of whom is completely independent of Riot and Bitfarms," Riot said in a press release. "Together, they will bring much needed corporate governance oversight, transaction experience and business expertise to the Bitfarms Board.
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