Bitfarms to Adopt “Poison Pill” Amid Riot Takeover Attempt

Source: US News & World Report

“Bitcoin miner Bitfarms said on Monday it had approved the adoption of a ‘poison pill’ to fend off a potential hostile takeover attempt by rival Riot Platforms. The move comes days after Riot Platforms disclosed it had built a 12% stake in Bitfarms as it pursues a takeover attempt. Riot had initially made a private proposal to buy Bitfarms in April. The proposal was rejected by Bitfarms’ board after it concluded that the offer ‘significantly undervalued’ the company. Colorado-based Riot went public with its proposal in May to buy the bitcoin miner for about $950 million and said it intends to request a special shareholder meeting to add independent directors to Bitfarms’ board. … Under Bitfarm’s plan, if an entity accumulates more than 15% of Bitfarms’ stake after June 20 and up to Sept. 10, the company would issue fresh shares, diluting the entity’s stake.” (06/10/24)