Reported 11 months ago
Riot Platforms, a Bitcoin miner, is seeking three board seats at rival Bitfarms after retracting its $950 million buyout offer. As the largest shareholder in Bitfarms with a nearly 15% stake, Riot has withdrawn the offer but expressed willingness to engage with Bitfarms' board regarding a potential transaction. The companies have been in conflict since Riot's unsolicited offer in April, which Bitfarms deemed undervalued. Bitfarms, based in Toronto, is exploring strategic alternatives while Riot has initiated a board battle accusing Bitfarms of weak corporate governance. Riot has nominated John Delaney, Amy Freedman, and Ralph Goehring as directors for Bitfarms to oversee the strategic alternatives process. Shares of both companies declined following this news.
Source: YAHOO