As a seasoned researcher who has closely followed the dynamic landscape of Bitcoin mining industry, this settlement between Riot Platforms Inc and Bitfarms comes as a breath of fresh air amidst the turbulent waters of corporate takeovers. The rollercoaster ride of hostile negotiations was reminiscent of a wild west showdown, where two formidable players squared off in a battle for dominance.
As a crypto investor, I’ve been keeping an eye on the ongoing saga between Bitcoin miners Riot Platforms Inc. and Bitfarms. After months of tense negotiations that seemed to be heading nowhere, they’ve finally reached a settlement agreement – quite a relief for those who have been following this rollercoaster ride! This significant development takes place just before the Special Meeting of Bitfarms Shareholders on Nov 6. It appears that both companies’ stocks have managed to climb out of the ‘red zone’, which has sparked speculation among market participants about potential movements in other stocks as well.
Riot and Bitfarms Reach Agreement
On September 23, Riot Platforms Inc and Bitfarms announced a pre-emptive settlement prior to Riot’s special shareholders meeting in November. This agreement aims to pave the way for the ongoing takeover bid by Riot Platforms. The terms of this agreement involve alterations to Bitfarms’ Board structure, which parties consider a substantial move towards the future.
According to the announcement, Andres Finkielsztain has resigned from the company’s Board, and Amy Freedman has been appointed and will serve on other committees. Regarding Riot, they will withdraw their earlier request and keep a pause during Bitfarms’ annual meetings in 2026. Additionally, Riot retains the option to buy shares in the company if they own up to 15% of its total shares.
As a researcher, I’m here to inform you about an upcoming Special Meeting. During this meeting, we will propose expanding our Board from five members to six members. We will also nominate an independent director for the sixth member position, as suggested by our current Board. Lastly, we will seek approval for the Company’s shareholder rights plan dated July 24, 2024. I want to make it clear that Riot has decided to support these proposed changes.
A Takeover Crisis
The hostile takeover attempt led to several back-and-forths between both Bitcoin miners. Riot attempted to acquire Bitfarms through an unsolicited $950 million offer before buying the company’s stock in a bid to gain control. The Canadian mining giant rejected the offer criticizing Riot for refusing to engage constructively.
According to insider reports, Bitfarms has decided to purchase Stronghold Digital Mining for approximately $164 million. As a result of this deal and positive market trends, the shares of both companies are currently experiencing growth. At this moment, BITF is being traded at $2.05, marking a 2.5% increase in its value over the past day.
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2024-09-23 18:26