tl;dr
Bitcoin miner Riot Platforms (RIOT) has abandoned its plan to acquire peer Bitfarms (BITF) and is seeking to revamp the board before making further takeover attempts. Riot is proposing new board members to replace current Bitfarms board members and aims to remove the chairman, interim CEO, and a dir...
Riot Platforms (RIOT) has withdrawn its proposal to acquire Bitfarms (BITF) and is now seeking a board overhaul before making future takeover attempts. Riot intends to nominate new board members to replace current Bitfarms board members and aims to remove the chairman, interim CEO, and a director. Despite Bitfarms' rejection of Riot's buyout offer, Riot plans to continue pursuing the takeover, believing that a combination would create the world's largest publicly listed bitcoin miner poised for long-term growth.
Riot Platforms (RIOT) dropped its proposal to buy peer Bitfarms (BITF) and is looking to overhaul the board before engaging in further takeover attempts. The miner is nominating new board members and seeking to remove current Bitfarms board members.
Riot, which owns 14.9% of Bitfarms, is calling for a special meeting to remove Bitfarms' Chairman, interim CEO, director, and anyone who might fill the vacancy created by a resignation. This hostile takeover bid became public last month after Riot offered to buy Bitfarms for $2.30 per share, an approach that was swiftly rejected.
Bitfarms shares dropped over 6% in response to these developments, while Riot shares saw a slight decline amid a 3% fall in bitcoin's value in the past 24 hours. Despite this, traders still see Bitfarms as a potential takeover target as its stock is trading above the $2.30 per share buyout offer.
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Dividend Yield: None
P/E Ratio: None
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Current Ratio: 3.94
Quick Ratio: 0
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