2024

Bitcoin

when

<ul class="news-points">
 <li>Tribunal blocks Bitfarms’ poison pill, advancing Riot Platforms’ $950M takeover bid.</li>
 <li>Bitfarms faces internal upheaval as interim CEO Bonta deals with Riot’s takeover push.</li>
 <li>Riot Platforms pushes for new board members amid Bitfarms’ legal and governance challenges.</li>
</ul>
The Ontario Capital Markets Tribunal has invalidated <a href="https://finance.yahoo.com/news/riot-announces-ontario-capital-markets-232500022.html" target="_blank" rel="noopener noreferrer nofollow">Bitfarms’ “poison pill”</a> strategy designed to thwart Riot Platforms’ takeover bid. This strategy, formally known as a “rights plan,” was meant to prevent Riot’s <a href="https://www.riotplatforms.com/riot-proposes-to-acquire-bitfarms-for-us2-30-per-share-to-create-the-worlds-largest-publicly-listed-bitcoin-miner/" target="_blank" rel="noopener noreferrer nofollow">$950 million buyout offer</a> from proceeding. The tribunal’s decision halts Bitfarms’ attempts to fend off Riot’s acquisition by ceasing the rights plan immediately.
Bitfarms, <a href="https://coinedition.com/bitfarms-poison-pill-draws-fire-from-riot-platforms/?utm_source=telegram_channel&amp;utm_medium=referral" rel="noopener noreferrer nofollow">a major player in Bitcoin mining</a> with operations spanning Canada, the U.S., Paraguay, and Argentina, has been under pressure since June 13, when Riot Platforms made its buyout proposal.
The company responded by stating that the offer made to its stockholders undervalued its properties and thus the poison pill strategy was initiated. This involves offering new shares to those existing shareholders at lower prices than what the potential acquirer is willing to pay, making the takeover less attractive.
The tribun…
The post <a href="https://coinedition.com/2024-bitcoin-mining-merger-riot-platforms-edges-closer-to-bitfarms-acquisition-after-court-win/" rel="noopener noreferrer nofollow">2024 Bitcoin Mining Merger? Riot Platforms Edges Closer to Bitfarms Acquisition After Court Win</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

2024 Bitcoin Mining Merger? Riot Platforms Edges Closer to Bitfarms Acquisition After Court Win

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