Riot Platforms withdraws offer for rival Bitfarms, seeks three board seats
Technology
Riot Platforms withdraws offer for rival Bitfarms, seeks three board seats
(Reuters) - Bitcoin miner Riot Platforms said on Monday it was withdrawing its offer for Bitfarms and had nominated three directors to the board of a rival crypto miner.
Riot, which is the biggest shareholder in Bitfarms with a nearly 15% stake, said it was "ready to engage" with the company's reconstituted board about a potential transaction.
The two companies have been at loggerheads since Riot made an unsolicited offer in April to acquire the company for about $950 million.
Bitfarms rejected the offer, saying it significantly undervalued the company and approved a poison pill plan to prevent any attempts at a hostile takeover.
