Bitfarms Restructures After Riot Platforms’ Acquisition Attempt Ends
On September 23, 2024, Riot Platforms announced a settlement with Bitfarms Ltd., ending its unsolicited takeover attempt.
As part of the agreement, Riot withdrew its request for a special shareholder meeting, and Bitfarms appointed Amy Freedman to its Board of Directors, replacing Andrés Finkielsztain, who resigned. Freedman will also serve on key committees.
Riot currently holds a 19.9% stake in Bitfarms, equivalent to about 90.1 million common shares, but has no immediate acquisition plans.
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Earlier this year, Riot made a $950 million bid for Bitfarms, prompting the company to adopt a “poison pill” strategy to prevent hostile takeovers.
This strategy allowed Bitfarms to explore other options while Riot’s increased stake raised concerns about shareholder interests.
Although the settlement concludes this chapter, Riot may consider its stake in Bitfarms again based on future performance and market conditions.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
