Reported 4 months ago
Riot Platforms Inc. has made an unsolicited $950 million offer to acquire Bitfarms Ltd., a rival Bitcoin miner, after Bitfarms rejected a previous takeover attempt. Riot's offer of $2.30 per share in cash and stock represents a 20% premium over Bitfarms' pre-offer trading price. Riot has acquired a 9.25% stake in Bitfarms and plans to call for a vote to add directors to Bitfarms. This move comes amidst industry consolidation following a Bitcoin code update and would create the largest Bitcoin miner globally, significantly boosting Riot's Bitcoin production. The potential deal follows Bitfarms firing its interim CEO amid a lawsuit and Riot's plans to request a special shareholders meeting to consider new directors.
Source: YAHOO