RIOT - Riot Platforms Withdraws Interest in Taking Over Bitfarms
In a surprising turn of events, Riot Platforms, Inc. (NASDAQ: RIOT), a digital mining and digital infrastructure company, has withdrawn its proposed takeover offer of $950 million for rival Bitfarms. Apparently, this move wasn’t completely out of the blue. It came just after the rival cryptocurrency mining company rejected Riot's offer without any dialogue and adopted defensive measures against the unwanted acquisition. This defensive tactic is aimed at making it extremely difficult for Riot Platforms to acquire Bitfarms completely by diluting the value of its shares.
Riot Platforms had to step down from the takeover, but not entirely. This major player in the Bitcoin mining industry is planning to reorganize the Bitfarms' board of directors by installing three independent...
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