Cryptocurrencies
Riot Seeks Three Bitfarms Board Seats in Bitcoin Miner Takeover Fight
- Riot has now built a nearly 15% stake in rival Bitcoin miner
- Bitfarms has 21 days to set a date for the special meeting
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Riot Platforms Inc. has called for a special meeting of shareholders at Bitfarms Ltd. to vote on three new board nominees as it seeks to take over the rival Bitcoin miner.
Riot, which has built a nearly 15% stake in Bitfarms, made an unsolicited, $950 million offer to buy the company last month, after the smaller Bitcoin miner rebuffed its takeover approach in April. Riot has withdrawn that $2.30-per-share offer because it believes Bitfarms needs boardroom changes to engage in good-faith negotiations, according to a statement Monday, confirming an earlier Bloomberg News report.