Bitcoin

Read

Bitfarms has rescheduled its special shareholder meeting as part of the company’s response to the latest developments from Riot Platforms.
The rescheduling will offer Bitfarms’ Special Committee time to review and respond to a recent request from Bitcoin (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/bitcoin/">BTC</a>) miner Riot, Bitfarms said in a <a href="https://investor.bitfarms.com/news-events/press-releases/detail/267/bitfarms-reschedules-special-meeting-of-shareholders" target="_blank" rel="noopener noreferrer nofollow">press release</a>.
<h2 class="wp-block-heading" id="bitfarms-pushes-special-meeting-to-november">Bitfarms pushes special meeting to November</h2>
Riot Platforms is a major shareholder in Bitfarms, having tried to acquired its smaller rival to no avail so far.
When Riot <a rel="noopener noreferrer nofollow" href="https://crypto.news/riot-requisitions-special-meeting-of-bitfarms-withdraws-950m-acquisition-proposal/">withdrew</a> its $950 million acquisition proposal in July, it accompanied the move with a request for a special meeting to initiate changes to Bitfarms’ board. The miner recently amended its requisition, targeting the special meeting previously scheduled for Oct. 29.
Control of the board is currently a major flashpoint in the saga. Bitfarms asserts that its board’s actions are in the best interests of all BITF shareholders, while accusing Riot of focusing solely on its own interests and those of its shareholders, rather than those of Bitfarms.
To protect its interests and those of its shareholders, one of the proposals the Bitfarms Special Committee wants to consider is increasing the number of board nominees from five to six.
Bitfarms has rescheduled the meeting to consider this to Nov. 6.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/analyst-riot-wont-acquire-bitfarms-premium-is-not-high-enough/"> Analyst: Riot won’t acquire Bitfarms, ‘premium is not high enough’ </a>
<h2 class="wp-block-heading" id="an-acquisition-saga">An acquisition saga</h2>
Bitcoin miners Bitfarms and Riot Platforms have engaged in one of the longest running acquisition battle in the crypto space. It’s all been there – from the days of Bitfarms’ <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitfarms-adopts-new-poison-pill-after-canadian-regulator-terminates-previous-one/">‘poison pill’ approach</a> to Riot’s recent warning against moves to solidify control.
In between, Riot has <a rel="noopener noreferrer nofollow" href="https://crypto.news/riot-increases-stake-in-bitfarms-with-2-2m-share-purchase/">increased its shares in Bitfarms</a>, while the latter has sought to strengthen by striking a deal to <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitcoin-miner-bitfarms-to-acquire-rival-stronghold-digital/">acquire Stronghold Digital</a>.
In a recent comment on the takeover bid, Bitfarms questioned Riot Platforms’ nominees to the board. According to the miner, Riot Platforms is looking to governance as a tactic towards taking control.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitfarms-questions-riots-proposed-board-nominees-amid-takeover-attempt/"> Bitfarms questions Riot’s proposed board nominees amid takeover attempt </a>

Bitfarms postpones shareholder meeting in response to Riot request

Table of Contents

crypto.news

Other articles published on Sep 9, 2024

Metaplanet Inc. Teams Up with SBI Group for Bitcoin Trading and Custody in Japan

Introducing: Aviator Arcade

An Interview With Stablecoin Standard

Trump vs. Harris: Betting Odds Lean Trump, Indicators Suggest Harris Win

Haru Invest CEO Stabbed During Court Hearing in South Korea

XRP Enters Enormous Uptrend, Toncoin (TON) on Verge of $6 Recovery? This Ethereum (ETH) Move is P...

Join our free newsletter for daily crypto updates!