RIOT - Bitcoin Miner Wars: Riot Platforms Pursues Board Changes At Bitfarms | Benzinga
Riot Platforms Inc. (NASDAQ:RIOT) has initiated a special shareholder meeting at Bitfarms Ltd. (NASDAQ:BITF), aiming to secure votes for three new board members as part of its strategy to acquire the competing Bitcoin (CRYPTO: BTC) mining firm.
What Happened: Last month, Riot, which now owns nearly 15% of Bitfarms, made an unsolicited offer to purchase the company for $950 million after Bitfarms dismissed its initial approach in April.
Riot retracted its $2.30-per-share bid, citing the need for changes in Bitfarms’ boardroom to facilitate honest negotiations, according to a statement released on Monday, Bloomberg reported.
Bitfarms is now required to schedule the special meeting within 21 days, where shareholders will decide whether to replace current chairman and interim CEO Nicolas Bonta, incumbent director Andrés Finkielsztain, and any successors to co-founder Emiliano Grodzki, who was recently removed from the board.
Riot stated, “The bottom line is this: over the course of more than a year of attempting to engage constructively with the Bitfarms board regarding ...