- This development comes in the lead-up to Bitfarms’ Special Meeting of Shareholders.
- The parties have characterized the modifications to Bitfarms’ Board structure.
Bitfarms and Bitcoin miner Riot Platforms Inc. have settled their months-long dispute over Riot’s intended takeover attempt. This development comes in the lead-up to Bitfarms’ Special Meeting of Shareholders on November 6th. Both firms’ stock prices are out of the red zone and are expected to surge.
Riot Platforms Inc. and Bitfarms announced a settlement in a press statement dated September 23, just before the special shareholders meeting of the former was scheduled for November.
Mutual Settlement to Takeover Attempt
The goal of this deal is to pave the way for Riot Platforms’ long-stretching takeover attempt. The parties have characterized the modifications to Bitfarms’ Board structure included in the agreement as a major move towards the future.
The news announcement states that the company’s Board of Directors has selected Amy Freedman, who will also serve on other committees, replacing Andres Finkielsztain, who resigned. In light of the next Bitfarms 2026 annual meetings, Riot has decided to retract its previously filed request and continue its halt. Riot may also buy stock in the business as long as it owns up to 15% of the total shares.
Both Bitcoin miners got into a heated exchange as a result of the hostile takeover effort. Riot made an unsolicited $950 million proposal to purchase Bitfarms and then tried to seize control of the firm by purchasing its shares. Criticizing Riot for their lack of engagement, the Canadian mining behemoth turned down the opportunity.
Officials familiar with the situation said that Bitfarms moved to buy Stronghold Digital Mining for $164 million. As a result of the deal and general market optimism, both firms’ stock values are rising as of this writing.
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