Riot Platforms Pursues Takeover of Rival Bitcoin Miner Bitfarms
- Colorado company offers $2.30 a share in cash and stock
- Riot has stake in target, plans to call vote to add directors
Riot Platforms Chief Executive Officer Jason Les
Photographer: Eva Marie Uzcategui/BloombergThis article is for subscribers only.
Riot Platforms Inc. made an unsolicited, $950 million offer to buy Bitfarms Ltd. after the smaller Bitcoin miner rebuffed its takeover approach last month.
Riot offered $2.30 a share in cash and stock for Bitfarms, according to a statement Tuesday that confirmed an earlier Bloomberg News report. The price is about 20% above where Bitfarms traded before Riot’s offer in April, made privately to the board.