Riot Platforms withdraws $950M acquisition offer for Bitfarms, seeks board appointments instead.
Riot Platforms, the largest shareholder in Bitfarms with a 14.9% stake, has withdrawn its $950 million acquisition offer for rival Bitcoin miner Bitfarms and is instead seeking to appoint three directors to Bitfarms' board. Riot believes that Bitfarms requires boardroom changes to engage in good-faith negotiations. The companies have been at odds since April when Riot first proposed the acquisition.
June 24, 2024
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