Bitfarms Counters Riot’s $950M Takeover Bid

Riot’s $950 million acquisition bid is being greeted with pushback from Bitfarms’ stakeholders and special committee, who believe it is cheap and not in the best interests of shareholders. Bitfarms and Riot Platforms, two Bitcoin mining companies, are locked in a heated battle as Bitfarms accuses Riot of a hostile takeover attempt.Riot increased their interest in Bitfarms by 13.1%, building on its prior investment. Bitfarms claimed that this action was “an attempt to undermine the integrity of the acquisition process.” Bitfarms established a shareholder rights plan on June 10 to prohibit Riot Platforms from making an unwelcome acquisition approach.Bitfarms operates 12 Bitcoin BTC $67,846 mining facilities in four countries: Canada, the United States, Paraguay and Argentina. In May, Bitfarms announced its former CEO, Geoffrey Morphy, would step down amid a lawsuit against the firm. Les urged the board to remove Bonta, stating he is directly responsible for Bitfarm’s weak corporate governance standards.

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