tl;dr
Riot Platforms provided an investor update regarding its attempt to take over Bitfarms, a Canadian rival. Riot criticized recent board changes at Bitfarms as reactive and insufficient, following its offer to acquire Bitfarms for $2.30 per share in April, which Bitfarms rejected. Riot accused Bitfarm...
Riot Platforms provided an investor update regarding its attempt to take over Bitfarms, a Canadian rival. Riot criticized recent board changes at Bitfarms as reactive and insufficient, following its offer to acquire Bitfarms for $2.30 per share in April, which Bitfarms rejected. Riot accused Bitfarms' board of not acting in shareholders' best interests and is campaigning to replace its leadership.
Riot has reduced its proposed slate of new directors from three to two, aiming to replace existing directors. It also questioned Bitfarms' announcement to acquire Stronghold Digital for $175 million, stating it was designed to entrench the board. Riot demanded that Bitfarms not enter into any financing transaction before the October meeting and warned of holding incumbent directors personally accountable.
Bitcoin mining giant Riot Platforms provided an investor update on Tuesday concerning its effort to take over Bitfarms, a smaller Canadian rival that’s been resisting the former’s attempted hostile takeover. Riot offered its views on recent shakeups with Bitfarms’ board of directors, including the resignations of co-founders Emiliano Grodzki and Nicolas Bonta in recent months, whom Riot had previously targeted for replacement.
Riot previously revealed that it privately offered to acquire Bitfarms for $2.30 per share in April, but Bitfarms quickly rejected the offer, believing it significantly undervalued their company. Riot responded by accusing the board of not acting in the best interests of all shareholders and began its campaign to replace Bitfarms leadership with “independent” nominees chosen by Riot. It has also been gobbling up shares in the Canadian miner, now possessing an intimidating 19.9% stake in the firm.
On October 29, Bitfarms’ shareholders are scheduled to vote on whether to install Riot’s nominees. Given the progress made so far, Riot has reduced its proposed slate of new directors from three to two: Amy Freedman and John Delaney, ideally replacing existing directors, including co-founder Andres Finkielsztain and Fanny Philip.
Riot also called out “the concerning Stronghold acquisition announcement,” saying that the timing was “troubling.” Riot demanded that Bitfarms not enter into any financing transaction before the October meeting that will dilute Bitfarms shareholders any further.
If the Bitfarms Board insists on taking any such action to further entrench itself at the expense of shareholders, Riot will not hesitate to hold the incumbent directors personally accountable,” the firm wrote.
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