Bitfarms schedules shareholder vote for October amid Riot’s intensified acquisition efforts

Bitcoin miner Bitfarms volition clasp a shareholder ballot successful October regarding Riot Platform’s takeover bid, according to a July 12 statement.

The miner stated that its shareholders of grounds arsenic of Sept. 26, 2024, volition beryllium capable to ballot astatine the peculiar gathering it convened astatine Riot’s behest.

Takeover bid

This marks the latest improvement successful the protracted takeover conflict betwixt Riot and Bitfarms.

In April, Riot attempted to acquire Bitfarms for astir $950 million. However, Bitfarms rejected the unsolicited connection and said it importantly undervalued the firm.

Since then, Riot has stepped up efforts, creating a dedicated website to amended Bitfarms’ shareholders and calling for a peculiar gathering that volition restructure the rival miner committee by removing Chairman Nicolas Bonta and Director Andrés Finkielsztain.

Riot claimed these moves are indispensable arsenic the existent committee prioritizes the directors’ interests implicit those of shareholders.

Bitfarms, however, argued that Riot’s gathering petition is portion of its efforts to “opportunistically acquire” it aft its botched $950 cardinal offering successful April. The miner stated that Riot’s petition would disrupt its strategical alternatives reappraisal process and valuation opportunities to maximize shareholder value.

Furthermore, Bitfarms pointed retired that Riot had requested the shareholding grounds day beryllium acceptable aft a proceeding with the Ontario Securities Commission connected July 22 and 23. It added that Riot made this petition to nullify its shareholder rights program and summation its holdings successful the rival company. Riot is Bitfarms’ largest shareholder, holding a 14.9% involvement successful the miner.

Despite this, Bitfarms proceeded with its determination aft a peculiar committee of autarkic committee directors, with fiscal and ineligible advisors, decided connected the gathering and grounds date.

Moreover, Bitfarms urged Riot to prosecute it constructively to debar depleting its constricted currency resources and support stakeholders’ interests.

Bitfarms precocious appointed Ben Gagnon arsenic CEO and Fanny Philip arsenic an autarkic committee member.

The station Bitfarms schedules shareholder ballot for October amid Riot’s intensified acquisition efforts appeared archetypal connected CryptoSlate.