Riot’s takeover bid for rival bitcoin miner <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a> has intensified following a ruling by the Ontario Capital Markets Tribunal. The tribunal sided with Riot, terminating Bitfarms’ initial “poison pill” strategy. Riot hailed this as a victory for Bitfarms shareholders, highlighting the fierce competition in the bitcoin mining sector. Bitfarms responded by adopting a new shareholder rights plan to protect against "creeping bids," where a company accumulates a significant stake without a formal takeover bid, according to <a href="https://theminermag.com/news/2024-07-25/riot-bitfarms-bitcoin-takeover/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
The new plan, effective August 6, grants shareholders one right per share, exercisable if any person or group acquires 20% or more of Bitfarms' shares without a “Permitted Bid.” A Permitted Bid requires the offer to remain open for 105 days and gain at least 50% of independent shareholder support. Bitfarms initially introduced a rights plan in June to prevent a hostile takeover by Riot, which would have triggered shareholder dilution if any entity amassed over 15% of Bitfarms’ stocks. The revised plan, with a 20% threshold, awaits shareholder ratification and Toronto Stock Exchange acceptance.
The rivalry between Riot and Bitfarms has escalated since Bitfarms rejected Riot’s $1 billion acquisition bid in May 2024. Riot subsequently launched a public campaign to sway Bitfarms’ shareholders and management, seeking to replace key board members. In response, Bitfarms strengthened its board by appointing tech and crypto executive Fanny Philip and promoting Ben Gagnon to CEO.
Riot has invested over $130 million to acquire 14.9% of Bitfarms' outstanding stocks, underscoring its commitment to the takeover.

Riot’s Aggressive Takeover Bid Intensifies as Bitfarms Adopts New Strategy

Ultramining_Eng

Các bài viết khác được xuất bản trên 26 thg 7, 2024

TRON (TRX), Rollblock (RBLK) and Kaspa (KAS): Which Crypto Should You Buy For the Altcoin Season?

OpenOcean Launches DCA (Dollar-Cost Averaging) Beta Tool on Base Chain

Floki Announces Valhalla Sponsorship for India’s Tour of Sri Lanka, Targeting 220M Viewers

Argentina Allows Bitcoin in Company Capital

Bitcoin Tumbles as Mt. Gox Executes Massive BTC Transfer: How Much

Russian ransomware generates over $500m in crypto proceeds, TRM Labs says

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!